chart shows how we captured this up move with volume profile
volume profile can help you to understand the real value of bull and bear, so that one can make better trading decisions.
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...
EICHER SCRIP IS GETTING GOOD SUPPORT AT 17,500 LVL FOR THE PAST THREE DAYS.
ONCE THE SCRIP ENTERS THE BULLISH ZONE (ABOVE PRICE LEVEL OF 18200), THE PRICE IS POISED TO MOVE TO 19000+ LVLS IN THE COMING WEEKS.
STOP LOSS AT 17120 LVL MAY BE CONSIDERED.
Have given a high risk buy call in EICHER MOTORS on my Twitter Handle (@TradeTechnicals). The view was;
HIGH RISK TRADERS CAN BUY EICHER MOTORS BETWEEN CMP 15720 - 15550 FOR TARGETS 16700, 17000 & 17250 WITH PROTECTIVE SL BELOW 15000 ON CLOSING BASIS.
* Multiyear support
* It seems Stock can take support at current range
* Good opportunity for investment for mid term.
* Follow us on telegram - @selfstockanalysis
Has formed a Trend continuation pattern, with Weak fundamentals further down trend expected. Short term bull movement with range of 700-1500 can be made
Eicher Motors Limited is a parent of Royal Enfiled that offers middleweight motorcycles in India. Royal Enfield operates in India, and over 40 countries around the world. The Company is engaged in manufacturing automobile products and related components. The Company operates in business verticals, including motorcycles, commercial vehicles and personal utility vehicles. The Company, through its joint venture, Volvo Eicher Commercial Vehicles Limited (VECV), designs, manufactures and markets trucks and buses from five-49 tonnes, and its manufacturing plant in Pithampur, Madhya Pradesh is the hub for medium duty five and eight litre engines for Volvo Group. VECV includes Eicher Trucks and Buses, Volvo Trucks India, Eicher Engineering Components, Eicher Engineering Solutions, VE Powertrain and Bus Body Plant. The Company, through Eicher Polaris Pvt Limited (EPPL), offers Multix three in one vehicle, built for the independent businessman.
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EICHERMOT
