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...
NSE:EICHERMOT
Observations:
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.
So...
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.
Wait...
NSE:EICHERMOT
Observations:
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...
Intraday traders and short-term investors can buy nearby sub-wave 4 of wave (3). NSE Eicher motors are making waves ((5)). We may see the following targets soon: 3005 - 3146 - 3223 - 3292
Invalidation: Wave 4 can never Exceed the starting point of wave 1.
Sub-wave 4 can't touch sub-wave 1 of wave (3).
If you have any queries or concerns, don't hesitate to ask...
![EICHERMOT: Simple Trade Setup | EICHER MOTOR | 30-05-2022 [INTRADAY]](https://s3.tradingview.com/l/LnX9YL9f_mid.png "Simple Trade Setup | EICHER MOTOR | 30-05-2022 [INTRADAY]")
![EICHERMOT: Simple Trade Setup | EICHER MOTOR | 03-01-2022[INTRADAY]](https://s3.tradingview.com/6/6k0hl72P_mid.png "Simple Trade Setup | EICHER MOTOR | 03-01-2022[INTRADAY]")
