Eicher Motors Limited (EICHERMOT) Stock - Complete Technical Analysis - Oct 22, 2024

Eicher Motors Technical Analysis: Key Levels & Insights for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In analyzing Eicher Motors Limited, currently trading at 4759.05, we notice it sits 6.78% below its 52-week high of 5105.0 and 45.31% above its 52-week low of 3275.0. The recent five-day trading range shows fluctuations, with a high of 4826.20 and a low of 4749.65, indicating notable volatility.

Examining the trend, the stock has seen an upward trajectory since its recent low, which suggests bullish sentiment but signals potential consolidation at current levels. The MACD reflects bearish momentum, indicating caution for short-term traders. The RSI sits at 48.04, suggesting a neutral market without immediate overbought or oversold conditions.

Key support is noted at 4775, followed by 4524.55, while resistance is observed around the 4940 level. If Eicher Motors breaks through this resistance, it could lead to further upward movement.

Additionally, volatility is present as indicated by the ATR, suggesting potential price reversals may occur. The Stochastic oscillator shows it is near the midpoint, hinting at a possible change in momentum. The stock's fundamentals are solid, with a P/E ratio of 33.2 and a ROCE of 34.5%, supporting a favorable investment outlook. However, due to the bearish MACD and existing market volatility, traders should exercise caution.