NSE:EICHERMOT
Stock is near support level of 4200 level. Long may be initiated with Trailing Stop Loss near 4135 level. Daily close above 4320 may lead to stock to 1.618 Fibonacci extension level near 4595 level.
Good volume buildup in the past few candles both in daily and weekly timeframe.
All time high breakout with good volume, if breaks the high of current candle then good opportunity for long or else wait for retest conformation.
Price has taken support twice from 200EMA, good sign for bullishness.
NOTE: i do my analysis, do your before trade.
Hey Family, there is a one more stock Which is showing a great opportunity and formed a Symmetrical Triangle pattern, Stock break's resistance zone and retest the resistance zone, let's see breakout sustain or not. what is your view please comment it down. We are Certified. All views shared on this channel are my personal opinion and is shared for educational...
EICHER MOTOR has given strong breakout on weekly chart. New targets are 4500 and 5000. chart has given advance RS breakout and our magic indicator turn in green.
📊 Script: EICHERMOT
📊 Sector: Automobile
📊 Industry: Automobiles - Motorcycles / Mopeds
Key highlights: 💡⚡
📈 Script is trading near Double Bottom Neckline which is resistance level 4010, and giving breakout of it.
📈 MACD and Double Moving Averages are giving crossover.
📈 RSI is around 61.
📈 One can go for Swing Trade.
⏱️ C.M.P 📑💰- 4019
🟢 Target 🎯🏆 -...
Price may move high after crossing the line was said at previous analysis then now altered the line due to market reactions and now moving higher level
The following positive observed :-
1. MACD reversal on weekly chart.
2. RSI bullish at 59.
3. Weekly bullish candel after a long time.
4. Auto sector in bullish trend.
5. Small hurdel at 4150, once this crossed, 4500 levels will come soon in Apr series.
So, keeping in view of above mentioned factors, one can buy 4000 CE of Apr series or 4100 or 4200 for Apr series.
Eicher - CMP 4020
Fibs- the full retracement to 61.8% is indicating that the trend is strong but is loosing momentum. Hence the rally has to be taken with a pinch of salt.
Fib ext is giving me two tgts one at 4500 and the other at 5400. In my view along with trendline resistance at 5400 is a likely zone of strong resistance and one should book profits there.
I am giving you a common way of action for all the Indian Stocks. Trade with the flow but do not take delivery of any stock before Thursday i.e. 21St March 2024. Maintain a strict SL 3626.65.
Disclaimer:
I am not a Registered Analyst with any of the SEBI and it is only for educational purposes. Please consult your financial advisor before making any decision....
