Chart patterns does insist me to go with opinion stated above.
Reasons:
1. Eicher motors is travelling (and respecting) in different patterns . 2. June 2022 , Eicher motors broke out of major triangular pattern and rose to about 35% .
3. Monthly(November 22) candle - Bearish engulfing candle , Oct 2022- Hanging man candle confirming the Bearishness. 4. It is also travelling in a ascending channel pattern (as you can see it is currently in the down move inside the pattern).
5. Stock has given Breakdown(11 nov candle) with superb volume out of a trendline.
6. Head & Shoulders pattern in Daily time frame and given breakdown on 2 Dec with good volumes.
7. Target & SL levels mentioned in the chart...
I can show things separately and clearly in weekly daily monthly charts...but trading view allows only members who have reputation of 10 (or paid ones) to use that feature while publishing ideas. Soon I will earn that 10 points.
Sorry if chart looks so congested....Feel free to ask if there is any confusion.
Let's wait and watch how it moves!!!!
Note - Just Sharing my view...not a tip nor advice...
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Bears looking strong.
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11th nov candle- channel breakdown candle ....misplaced in chart...
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Now..Bearish flag breakdown....volatile down move can be expected till 3150 level and further.
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Going as per pattern
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may see a bullish move to 3340 level and then continue its down move!!
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3035 ---0.5 fib support!!!
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volatile move may occur in a week or 2 double top formation (need lower low to confirm)
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Good breakdown of the double top pattern!!!
Trade closed: target reached
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Target done!!!!
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Completing the down swing??? 2800 major support,0.618 fib.....keep an eye on it!!!