This chart depicts a recent setup for Eicher Motors Ltd. on an hourly time frame. The setup shows a potential long position with the following parameters:
Entry: Around 4,862.40 INR Target: 5,090.25 INR (4.74% potential upside) Stop Loss: 4,783.20 INR (1.58% downside risk) Risk/Reward Ratio: 3:1 The price appears to be forming a potential reversal after a pullback, and the trade aims to capitalize on a possible upward movement towards the recent resistance level. Volume indicators and previous price action suggest this could be a favorable risk-reward setup for traders looking to go long in the short term.