ESCORTS is currently sitting at a major demand zone!
Updated
The stock is currently spotted at an important upwards curving area of demand that has been active for the past 4months.
The demand zone has been enough times tested in the past 4months and proved its strength over all test occasions.
The stock has traded between the demand zone and the control price for the past 2 months and the entire 2 months range can be thought of as an accumulation phase. The times when a stock gives a breakout after a long accumulation phase , what follows usually is the pick up in volume and momentum.
The stock can begin a strong rise from current levels towards the INR3500 region(10% from CMP).
INR 3100 currently is a good support area for the stock. A short term trade using 3090 as SL and INR3300(control price) for a target, would not be a bad trade either.
CMP - 3130
SL - 3090
Target 1 - 3300
Target 2 - 3500
The demand zone has been enough times tested in the past 4months and proved its strength over all test occasions.
The stock has traded between the demand zone and the control price for the past 2 months and the entire 2 months range can be thought of as an accumulation phase. The times when a stock gives a breakout after a long accumulation phase , what follows usually is the pick up in volume and momentum.
The stock can begin a strong rise from current levels towards the INR3500 region(10% from CMP).
INR 3100 currently is a good support area for the stock. A short term trade using 3090 as SL and INR3300(control price) for a target, would not be a bad trade either.
CMP - 3130
SL - 3090
Target 1 - 3300
Target 2 - 3500
Note
stock seen again bouncing off the demand zone.SL is still intact.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.