Eicher Motors is exhibiting a bullish setup on the weekly chart, with strong potential for upward movement.
📊 Chart Overview:
🎯 Fibonacci Targets:
📈 Trading Strategy:
✅ Entry Plan:Wait for a retest of ₹5000-5100 as support. Enter upon bullish reversal signals (e.g., hammer, bullish engulfing candles, or volume confirmation).
❌ Stop-Loss: Place a stop-loss slightly below ₹5,000 to mitigate risks.
🔄 Trailing Stop-Loss: Start with a fixed stop-loss below the support zone.
Adjust as follows:
₹5,400 (after reaching initial profits).
₹5,875 (first target).
⚠️ Disclaimer: This is for informational purposes only and not financial advice. Always conduct your research and consult a financial professional before making trading decisions.
📊 Chart Overview:
- Breakout Confirmed: Price has broken above the ₹5,100 resistance zone, which had acted as a significant supply area.
- Retest Likely: A pullback to the breakout zone could offer an ideal entry point for long positions.
🎯 Fibonacci Targets:
- Breakout Level: ₹5,200 (0% Fibonacci extension).
- Target 1: ₹5,875 (61.8% Fibonacci extension).
- Target 2: ₹6,250 (100% Fibonacci extension).
📈 Trading Strategy:
✅ Entry Plan:Wait for a retest of ₹5000-5100 as support. Enter upon bullish reversal signals (e.g., hammer, bullish engulfing candles, or volume confirmation).
❌ Stop-Loss: Place a stop-loss slightly below ₹5,000 to mitigate risks.
🔄 Trailing Stop-Loss: Start with a fixed stop-loss below the support zone.
Adjust as follows:
₹5,400 (after reaching initial profits).
₹5,875 (first target).
⚠️ Disclaimer: This is for informational purposes only and not financial advice. Always conduct your research and consult a financial professional before making trading decisions.
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