KunalJain

Eicher Motors - Looking for strong reversal

Long
NSE:EICHERMOT   EICHER MOTORS
Eicher Motors have seen strong fall in last 1 month where it fell from 29500 to sub 23000 levels and now down around 30% from its all time high,
On daily charts Eicher Motors looks deeply oversold, RSI is below 30 and Money Flow Index which is another very strong indicator is now at sub 11 which is indicating that a strong reversal is very much likely.
Another strong support is 200 Week moving average which is currently at 23200, since 2010 Eicher never traded below 200 WMA , so this is also a very good support level .

So conclusion is that Eicher Motor is providing very good entry point for Short term to Medium term long traders and for long term traders as well.
we can see good 20-30% reversal in short term.

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