Escorts like any other auto stock is on a strong uptrend. But now it shows signs of possible pullback. Reasons: 1) Upper line of the channel. 2) Evening star candlestick pattern. 3) New high not accompanied by high volumes.
TGT: 1200 SL: 1312 (High of the red candle)
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Yaaay. feels great. Achieved the target like piece of cake.
Sir
For learning purpose , how to do arrive at 1200 target can you explain?
bhagat109
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@aslam1150, It's simple. Typically the target should be the lower end of the channel. But to be on the safe side, we book the profits very well before it reaches our predicted move.
It would be wise to book profits when the price moves 75% of our total predicted move.
Also 1200 is a round figure. ;-)
Even more conservative traders would book their profits @ 50% ( That blue line in the middle of the channel)
For learning purpose , how to do arrive at 1200 target can you explain?