After a sharp rally, the share price of Escorts has been in a corrective phase since December 26. The price action in the past few days suggests that this downward corretion is complete and the next leg of uptrend is underway. As highlighted in the below weekly chart, the recent correction has been arrested right at the open gap formed in November.
We expect the stock to rally to the immediate resistance at Rs.137-140 range. A breakout past Rs.140 would lend momentum to the uptrend and the stock could then rise to the major resistance at Rs.150. We would maintain the positive view as long as the stock trades above the key support at Rs.110. For traders, having a stop loss at Rs.115 would not be such a bad idea.
(The view featured here is based on Technical Analysis of historical stock price action. Please read the Disclaimer)
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I have been following your post and seen reasonable rise in R.com, Gati, Escorts, idea cellular and cummins. Good job, Good analysis. plz continue .
I have been following your post and seen reasonable rise in R.com, Gati, Escorts, idea cellular and cummins. Good job, Good analysis. plz continue .