The stock has taken a nice support from the weekly 20 EMA and has closed around the previous candle close.
There is a resistance zone around 3950-3985. If this resistance is clear and price sustain above the level. There will be chance of stock touch its recent high around 4160 level.
In case there is a pullback and price action near the support zone...
Please read the notes on the chart and act accordingly.
Disclaimer:
I am not a SEBI Registered Analyst and it is only for educational purposes.
Let you grow. May! I follow you.
Eicher Motors on weekly charts looking good for such a big opportunity getting perfect support after breaking its major hurdle, good for swing as well as Long Term Investing
KEEP ON RADAR
The Descending Broadening Wedge is the opposite of the Ascending Broadening Wedge. It is generally formed during a downtrend. Divergent to the Falling Wedge, where the price action contracts as the pattern mature, the Descending Broadening Wedge widens as the two trend lines that have formed diverge from one another.
The descending broadening wedge is measured to...
As per weekly chart in the stock, trend revershal seen from previous resitence, so one can look fot call option of Feb or Mar expiry of 3900 and 4000 strike price, the stock is heading towards 4200 and 4500 levels in the coming days.
EICHERMOT, as of now, exhibits a promising trend with its stock trading within a rising channel pattern. Targeting the first milestone near the all-time high resistance of 4200. If the stock maintains its position above this resistance level, there is a possibility of witnessing a more substantial rally in the future. Investors may find this development intriguing...
Eicher motors after made a higher high and Consolidated,
to kickout weak hands out, stocks came down for retracement.
Wait for the levels mentioned to see PriceAction and Enter into trade with StopLoss.
Good RR for Swing Trade.
Stock has also taken support at 200DEMA
This is for educational purpose.
if support seen on Monday on hourly basis, I might go for futures.
Take trade wisely.
EICHER after tripple top formation breakdown happening below 3850. 3750 is small support but stock can likely to see 3500-3550 levels soon. View invalid above 3930 on 2 days closing
Cup and Handle
When BO happen from the neck line.. stock should give a immediate move
Longer the duration strong the BO.. this is monthly BO
Entry > 4120
SL BO level
Target as per Risk
ADX positive and RSI in buy zone..
Eicher motor is sustaining at major support level where we have already seen a great upward momentum in the past. Also as per the trend and channel which has been formed it confirms a greater probability for long trades.
The risk to reward ratio is favorable and can give good returns.
What are your views ?
Target and SL mentioned in chart lets see how it responds
Long Eicher at CMP as it took new highs in the market along with Support of Master candle.
Stoploss :- 3800/- Target till 4400 and 4800.
Long Jan-2024 Futures and Buy 4400 CE of Dec-2023.
📊 DETAILS
Sector: Automobile - LCVS/ HVCS
Mkt Cap: 94,717 cr
Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles.
Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles...
