EICHERMOT trade ideas
Eicher Motor ,Head and shoulder patternLogic
1) H&S pattern formation
2) Major trend is sideways, (if we see for a long term trend )
3) Even after breakdown we have to wait for the supportzone, so taking a short call should be with confirmation.
4) 200 moving average is acting as support ,closing below it will intiate a fresh selling.
I am not recomending anything it is just an observations
Eicher Motor - At DilemmaEicher motors has formed a very famous pattern of Head and shoulders and got reversed from its support but it is also taking a retest from the trendline of H&S. Can it be reversed in the coming future? Keep a look!!
Eicher: Looks set to resume its journey downAfter a strong bounce yesterday after TVS surprised streets yesterday with good margins, Eicher is expected to resume downward journey. It has a confluence of resistance 21 VWMA and 55 VWMA. If stock now sustains below 2600 it can be in for a decent correction.
Eicher Motors Breakout Eichermot broke out exactly at the 200DMA. Good zone for potential upside from here. Will be trading every rally for a couple more weeks. If nifty also starts to move it will be catalyst for Eichermot.
WAVE B BEGINNING OF WAVE Y.CURRENT STRUCTURE:WXY DOUBLE CORRECTION
CURRENT LEG:WAVE Y(ABC)
CURRENT INTERNAL STRUCUTRE: WAVE A COMPLETION
LOOKS LIKE EICHER MOTORS HAS COMPLETED IT'S WAVE A OF HIGHER DEGREE WAVE Y SECOND CORRECTION.PRICE IS MAKING HAMMER CANDLE STICK PATTERN WHICH IS A SIGN OF BULLISH REVERSAL.ALSO PRICE WISE IT HAS A SUPPORT OF 61.8% EXTENTION OF WAVE W @2340.
LONGS CAN BE INITIATED @ CMP OF 2345 WITH A STOP LOSS OF 2298 AND TGT OF 2485.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
EICHERMOTORS_REVERSALEICHERMOTORS can show reversal as it has given a breakout of the trendline.
This can go bullish from here.
(for educational purpose only)
EICHERMOT--WATCH FOR BREAK OUT OR BREAK DOWNAfter the Head and Shoulder breakdown the price is now at a crucial support level. We may see a reversal from the current support to the trend line.
Be prepared for an outcome on either sides. Can be a good trade on either sides if volumes are good. Wait for price action.
EICHERMOT - Head and Shoulder pattern breakdown Keep an eye
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EICHER MOTOR HEAD AND SHOULDER BREAKDOWNEicher Motor has given a breakdown of a Head and Shoulder formation on a daily chart.
Right now the price is at a crucial level hovering in the Supply and Demand Zone. If this zone act as support then a pullback from the neckline and after a possible retest of S&D zone the peak of the shoulders Rs. 2700 will be our 1st target and after that, if bullish momentum continues Rs. 3000 can be our 2nd target.
If the price goes below the supply and demand zone then it can come back to retest this level and then continue a bearish move for the target price of around Rs. 2015.
Elliot wave Analysis # Bullish ViewEicher Motors
Bullish Sequence above 2404 level
240 Mins Chart (log scale)
