Eicher Motors has been into a consolidation zone forming a triangle. The last 3 candles are formed with good volumes and today’s session managed a close above the MA. RSI is sloping up after bouncing from 40 levels. A strong breakout from the horizontal level will be positive confirming accumulation.
Though this seems to be perfect head and shoulder pattern, However this will be marked as invalid because target would come as zero.
And there are no issues with company financials, What we can do is just avoid investments in this counter until it closes above 17000.
Not recommending to short
Eicher Motors had huge price expansion run from 4k to 33.5k
current fall is too hard for investors and at 12k it still doesnt makes a stop
fibonnaci levels suggest a possible stop at 10500-10600 levels completing 78% retracement
and to add some cushion one can considers price correction till 9700 levels
NOTE: One should consult their financial advisor before...
This chart was used in writing my blog on the topic double tops pattern. The blog is available on the web page mentioned in the chart.
This post is intended to be used for educational purpose only.
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The stock has been falling since last few months after creating a top in November. During the last 5/6 sessions we notice a surge in volumes as well. Today’s volume was peak with a small body candle (now this create a anomaly between price and volume) we should expect large candles with large volumes but that has not been in this case, especially the last candle!...
EICHER MOTORS (Daily) posted a strong rally into strong Fibonacci cluster resistance around 19200 has curtailed the upmove. The immediate downward reaction and inability to move higher is attracting some selling interest once again. Momentum is showing signs of weakness adding to the developing bearish bias. Any move below 17600 could be an invitation for more...
NIFTYAUTO index has been on a downtrend traversing through key supports. Now 7000 seems to be the support of last resort for the index.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not...
As per the Auto Index chart, it is consolidating in a downward diagonal channel, but there are companies in auto sector, (industrywise) which may outperform due to their strong fundamentals.
In Automobile Sector - Leading Companies Industrywise
1. AshokLeyland (Commercial Vehicle)
2. Jamna Auto/Automotive Axles (Auto Ancillaries)
3. VSTTractors/ Escorts ...
today EICHER MOTORS is Bearish Trend in intraday bases
Sell Below 20757 with the stop loss of 21037.05
if you want make strong buy position buy above 20,942.82
