Eicher motors: Good stock for buying but needs confirmations
Eicher motors has come up a long way from recent bottoms. It is still a strong candidate but needs confirmations.
Scenario 1:
It can retest its support bed (although week) range 2012-2065. If we see strong rejections from bulls then we can enter the positional trade.
In this case the trade should be placed as follows:-
Entry: 2050-2100
Target: 2400 - 2900- 3168
SL: 1990
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Scenario 2:
If it breaches its current monthly resistance placed at 2201 strongly with larger candles going beyond 2250, then the trades should be placed as follows:-
Entry: 2273
Target: 2400 (we need to again check for further target confirmation going towards 2900- 3168)
SL: 2200
Keep following for the confirmations
Scenario 1:
It can retest its support bed (although week) range 2012-2065. If we see strong rejections from bulls then we can enter the positional trade.
In this case the trade should be placed as follows:-
Entry: 2050-2100
Target: 2400 - 2900- 3168
SL: 1990
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Scenario 2:
If it breaches its current monthly resistance placed at 2201 strongly with larger candles going beyond 2250, then the trades should be placed as follows:-
Entry: 2273
Target: 2400 (we need to again check for further target confirmation going towards 2900- 3168)
SL: 2200
Keep following for the confirmations