Now 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...
Reasons 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.
1. Stock is already in down trend
2. RSI at 26 indicating oversold thus chances of reversal.
Trade is at Confidence level...
Eicher motor is looking like creating a bulling morning star candle pattern in its weekly charts and also touches its double bottom level and expected to rebounce from
this current market level and found its immediate support around 18000 level.
from the Fibonacci retrenchment we can expect the upside target of 25400...
Time frame-8-12 weeks.
stock broke near major support line, it is expected to continue previous rally which is marked by arrow. stock is expected to be bearish in coming days which is supported by weak performance by auto sector in India as well as globally. Weak sales marked by auto giants in china is going to affect us.
The analysis is purely based on price action. No indicators have...