EICHERMOT trade ideas
Eicher: Looks set to resume its journey downAfter a strong bounce yesterday after TVS surprised streets yesterday with good margins, Eicher is expected to resume downward journey. It has a confluence of resistance 21 VWMA and 55 VWMA. If stock now sustains below 2600 it can be in for a decent correction.
Eicher Motors Breakout Eichermot broke out exactly at the 200DMA. Good zone for potential upside from here. Will be trading every rally for a couple more weeks. If nifty also starts to move it will be catalyst for Eichermot.
WAVE B BEGINNING OF WAVE Y.CURRENT STRUCTURE:WXY DOUBLE CORRECTION
CURRENT LEG:WAVE Y(ABC)
CURRENT INTERNAL STRUCUTRE: WAVE A COMPLETION
LOOKS LIKE EICHER MOTORS HAS COMPLETED IT'S WAVE A OF HIGHER DEGREE WAVE Y SECOND CORRECTION.PRICE IS MAKING HAMMER CANDLE STICK PATTERN WHICH IS A SIGN OF BULLISH REVERSAL.ALSO PRICE WISE IT HAS A SUPPORT OF 61.8% EXTENTION OF WAVE W @2340.
LONGS CAN BE INITIATED @ CMP OF 2345 WITH A STOP LOSS OF 2298 AND TGT OF 2485.
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I may or may not trade this analysis
EICHERMOTORS_REVERSALEICHERMOTORS can show reversal as it has given a breakout of the trendline.
This can go bullish from here.
(for educational purpose only)
EICHERMOT--WATCH FOR BREAK OUT OR BREAK DOWNAfter the Head and Shoulder breakdown the price is now at a crucial support level. We may see a reversal from the current support to the trend line.
Be prepared for an outcome on either sides. Can be a good trade on either sides if volumes are good. Wait for price action.
EICHERMOT - Head and Shoulder pattern breakdown Keep an eye
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EICHER MOTOR HEAD AND SHOULDER BREAKDOWNEicher 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 continues Rs. 3000 can be our 2nd target.
If the price goes below the supply and demand zone then it can come back to retest this level and then continue a bearish move for the target price of around Rs. 2015.
Elliot wave Analysis # Bullish ViewEicher Motors
Bullish Sequence above 2404 level
240 Mins Chart (log scale)
BEARS rides EICHERNSE:EICHERMOT
All levels are mentioned in the chart. RSI also shows negative divergence in Day TF which means it may go down.
Note: This is for educational purpose only.
Eichermotors Short (only when it breaks)Short if the price go below 2475
Stop Loss 2555
Target 2315
Reason for short: Head and Shoulder Pattern
Disclaimer: Please do your own analysis and don't follow me blindly
Eicher Motor - Tri Sangam Chart PatternTri Sangam chart pattern is found in Eicher Motor.
1. Rounding Top
2. Head & Shoulder and
3. Inverted Cup with Handle
Multiple confluence hints that if price fall below 2400 all of the above mentioned chart patterns will active and the best part is that targets 1850 are same for all patterns. As per H&S or Inverted cup with handle pattern, SL would be around 2700 but the overall structure is week, so we make our Stop Loss little tighter Rs 2600 (high of Shooting Star).
Please note that there is an important hurdle near 2335, once it break the path of target is clear.
Sell Below 2400
Stop Loss 2600
Target 1 2000 (Important Support and Round Number)
Target 2 1850 (High probability of achieving this target)
Once Price break below 2335 trail your SL 2520
