Eicher motors closed below the 20 ema kn the weekly time frame with high volumes.
On daily analysis the stock has also breaker down the support level of 3355.
The stock seems to be in a down trend and can trade to even lower levels.
3 point confirmation.
1. Closed below 20 ema ( weekly time frame).
2. Retest of 20 ema and going below the resistance level on...
Eicher motors on the daily time frame has been trading in a narrow range of 50-60 points which is unusual of this kind of stock.
The stock on the weekly time frame has tested its 20 ema and formed a hammer doji.
The stock has been falling for 2-3 weeks and can give some retracement before continuing another leg.
3 point confirmation.
1. Taking support from 20...
1) On 1 week time frame, it has come above the resistance channel and closed above it.
Please refer below chart : 1 week time frame.
Now make or break range is 2780-2800 range.
Sustainable breakout of this range will give good up move an if it fail to do it then it can come down to retest again this resistance channel.
Eicher motors has taken resistance from a trend line.
On a 4 hour time frame, the 20 and 200 ema has converged and a bullish candle a weekly time frame shows some bullish trend.
Support:- 2570, 2455
Resistance:- 2720, 2760
Wait for the trend line break out and 4 hour moving averages cross over.
Swing and intraday trades can be initiated on this setup.
Eicher has perfectly respected it 200 ema and a resistance level of 2570,
The stock is trading between its 20 and 200 ema on a daily time frame.
The stock has tested its level several time and if a candle close above the level of 2570 on a hourly time frame it can move further up.
Support :- 2450, 2350
Resistance :- 2570, 2650
If the stock will break the level...
1) On 1 day time frame, it is below 200DMA and it gave good up move from 50DMA.
200DMA is immediate resistance and 50DMA is immediate support.
500DMA @ 2542.36 and 200DMA @ 2620.84
Please refer below chart : 1 day Time Frame.
2) Also On 1 day time frame, we can see formed perfect double bottom pattern and we can also see now...
As one can see on chart, Eicher motors share heading towards harmonic support ones it enters in harmonic PRZ then wait for perfect reversal then only go for swing long as per your trade setup.
******whatever charts or levels sharing here are just for educational purpose only, not a recommendation. Please do...
Eicher Motor has given a breakdown of a Head and Shoulder formation on a daily chart.
Right now the price is at a crucial level hovering in the Supply and Demand Zone. If this zone act as support then a pullback from the neckline and after a possible retest of S&D zone the peak of the shoulders Rs. 2700 will be our 1st target and after that, if bullish momentum...
On 24 Dec2020, Price broke the flag pattern at 2446 and reached the first target of 2616, now If we buy at price of 2777 then the target will be 3165 and need to keep the Stop Loss of 2393 based on 1:1 risk reward ratio.
N.B discuss your financial advisor before you take trade or invest