EICHERMOT is currently trading on the daily and weekly demand zones.
On its weekly chart, EICHERMOT is getting support from the EMA 50, and on its daily chart, it is getting support from the 200 DMA.
On the daily chart, we can see the formation of a double bottom and RSI Bullish Divergence.
On the weekly chart, the "wave volume divergence indicator" shows that...
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 Motor Given a Strong Trendline Breakout With Retest and Also Engulfing the Previous Day Candle...
LTP ::3080 Buy Near 3080-3090 SL 2900 Target 3400-3500
Duration Around 1 Months
Auto Sector Looking Strong ..
Just a Study Related Call ..
Do take your Own Decision before taking any trades.....
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.
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...
I hope you can now see how EICHERMOT represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
∘ Eicher Motors Analysis
∘ Supply zone taking multiple times Resistance
∘ If zone break with high Volume go long Target marked in chart
Note : Always be extra cautious with breakout trade with confirmation .
Eicher Motors seems to be ready for Breakout.
Looks bullish above 720-725
Keep stop loss below 3654
Possible Targets :
T1 : 2838
T2 : 2936
T3 : 3030
T4 : 3098
Also, do check the below related ideas for other stocks.
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...