EICHERMOT trade ideas
Eicher motor on log scale - log channel case study.Boys, Sometime switch chart to log scale.
Not going to type whole story here. Ask me questions or give your feedback.
NSE : Eicher motors heading for 16KNSE : Eicher motors heading for 16K
Short Eicher motors below 22000, for a target of 18806 and 16364 or below.
Stop loss level 23767
Use stop loss
Long on strong MoveNow this one is making an consolidation , now i am looking to go Long only if daily close is strong and brakes the 20900 , i am not sure weather this is the low from where it will turn and move up , or it will keep moving down ward side for another small drops and then turn , either way i am looking to go long only on strong close on daily
there is divergence visible in the chart and its been ranging form week in the same zone
One can look for buying only strong close and look to enter on brake of daily high for next forecast target
Short EicherMot Feb Fut at 18950 with Sl-19300 Target - 18250Reasons for Sell
1. Eicher formed Bearish Marubozu today on daily charts
2. Next Support is seen around 18200 Levels.
3. Resistance between 19250-19500
4. RRR is around 2 which is good
5. Selling with strong volumes.
6.
Risks:
1. Stock is already in down trend
2. RSI at 26 indicating oversold thus chances of reversal.
Trade is at Confidence level of 80%
Hedge the position by buying 19500 CE. The hedge will be used to cover gap up openings due to overnight news if any. The Hedge will be closed/carried based on market opening.
kite.zerodha.com
SELL EICHERMOT (Eicher Motors Ltd) 19900TRADE FOR NEXT 1 FEW DAYS:
SELL EICHERMOT (Eicher Motors Ltd) 19900
ON A MOVE? @EICHERMOTORSLEVELS MENTIONED IN THE CHART. RSI ----> UPMOVE
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
