Stock Tips:- EICHER Motors on 07-02-2020
EICHER Motors:- Eicher Motors Limited is a large-cap company from the auto industry.
In a longer time frame, the stock price corrected more than 50% from its all-time peak of 33480 and thereafter remains sideways. The price action is in the formation of an inverted head and shoulder pattern, whose right shoulder is due to complete.
The stock price forms a falling wedge pattern whose resistance line has multiple resistance levels. The price action forms an aggressive bullish candle supported by the strong volume and if continue to do so may take off the resistance in the coming time.
Stocks to Buy Today:- Overall the price structure is looking positive, So buying on the current level and adding on dips at 19900-20000 for a price target of 21200-22200-23200 for 3 months time frame with a strict stop loss of 19200 on a closing basis.