Eicher Motors Limited (EICHERMOT) Stock - Complete Technical Analysis - Nov 07, 2024

Eicher Motors Technical Analysis: Key Support & Resistance Levels for Traders EICHERMOT Stock Rev

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.

Eicher Motors Limited (EICHERMOT) is showing some interesting movements on the technical front. The current price of 4,878 has dropped 4.45% from its 52-week high, but it remains 40.17% above its 52-week low. Recent price actions show a lack of clear direction, indicating that the stock might be consolidating before the next big move.

Looking at support levels, the 4,800-4,820 range is crucial, as the price has recently tested this level and held firm. The Exponential Moving Averages (EMAs) for 10 and 20 periods, hovering around 4,854 and 4,823, respectively, provide strong support, suggesting that this level could be a good entry point for long trades. A break below this zone could push the stock towards lower levels, such as 4,650 or the 200-period EMA at 4,534.

On the resistance side, the stock has been facing strong pressure at the 4,950 level. If the stock manages to break this resistance with strong volume, it could lead to further upside momentum. The MACD and Momentum indicators are signaling that there is potential for upward movement, but this will depend on the stock maintaining a sustained breakout above the 4,950 resistance.

Indicators such as RSI (Relative Strength Index) at 53.82 and the ADX at 11.32 are pointing to a neutral zone, meaning the stock is not currently trending strongly in any direction. This gives traders an opportunity to wait for confirmation of a breakout before making any major decisions. Keep an eye on the 4,800 support and 4,950 resistance for a potential breakout. The ATR also signals reasonable volatility, offering traders room for price movement.