Escorts : and we are in bull market :-)
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Escorts has formed bullish engulfing pattern on daily chart. CCI has crossed above -100 line. 540 has been a major support zone from where it has bounced twice.
If you go for bigger picture then you will find Head & shoulder pattern + descending triangle pattern. Both are bearish in nature. Confirmation will be on weekly and monthly close below 540 ( safety margin -3 % from 540) . If closes below 540 then target will be 130 (vertical height of head) and stop loss will be 650 on weekly closing basis.
What now ?
Buy on daily close above 570 with stop loss below 540 for target 650.
If you go for bigger picture then you will find Head & shoulder pattern + descending triangle pattern. Both are bearish in nature. Confirmation will be on weekly and monthly close below 540 ( safety margin -3 % from 540) . If closes below 540 then target will be 130 (vertical height of head) and stop loss will be 650 on weekly closing basis.
What now ?
Buy on daily close above 570 with stop loss below 540 for target 650.
Ordre annulé
Nothing of that sort has happened in the whole week. We'll come out with fresh perspective on counter.
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