Eicher giving a break down.
Eicher motors closed below the 20 ema kn the weekly time frame with high volumes.
On daily analysis the stock has also breaker down the support level of 3355.
The stock seems to be in a down trend and can trade to even lower levels.
3 point confirmation.
1. Closed below 20 ema ( weekly time frame).
2. Retest of 20 ema and going below the resistance level on daily time frame.
3. High volume break down .
Markets are in a bull run and before another up move can retest the lower levels.
Targets :- 3240, 3166
Stop loss:- 3355
Wait for the stock to start trading below the previous day low i.e. 3325 after a retest.
The stock can even touch the daily 200 moving average.
Intraday and swing trades can be initiated in the stock.
Wait for the price action near the levels before entering the trade.
On daily analysis the stock has also breaker down the support level of 3355.
The stock seems to be in a down trend and can trade to even lower levels.
3 point confirmation.
1. Closed below 20 ema ( weekly time frame).
2. Retest of 20 ema and going below the resistance level on daily time frame.
3. High volume break down .
Markets are in a bull run and before another up move can retest the lower levels.
Targets :- 3240, 3166
Stop loss:- 3355
Wait for the stock to start trading below the previous day low i.e. 3325 after a retest.
The stock can even touch the daily 200 moving average.
Intraday and swing trades can be initiated in the stock.
Wait for the price action near the levels before entering the trade.
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