After a good recovery from the lows of 822 to 900, seems like the downtrend in Escorts
ESCORTS
may not be over yet.
The Auto index
CNXAUTO
appeared extremely Bearish today forming an Evening Star pattern.
I can see that Escorts has formed an Evening Star like pattern as well and has reversed in the 50%-61.8% retracement zone of the previous downmove.
Looks like the stock is heading back to 836 levels.
Good opportunity to sell calls here with stop loss at 900.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
ESCORTS
may not be over yet. The Auto index
CNXAUTO
appeared extremely Bearish today forming an Evening Star pattern. I can see that Escorts has formed an Evening Star like pattern as well and has reversed in the 50%-61.8% retracement zone of the previous downmove.
Looks like the stock is heading back to 836 levels.
Good opportunity to sell calls here with stop loss at 900.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.