Eicher Motors Limited (EICHERMOT) Stock - Complete Technical Analysis - Nov 18, 2024

Eicher Motors Technical Analysis Support, Resistance, Patterns & Indicators Stock Trading Tips

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 this second analysis of Eicher Motors Limited, we will focus on a broader perspective of its technical indicators and chart patterns.

The current price of 4875.65 is hovering near key support and resistance levels. The Exponential Moving Averages are showing that the stock is well-supported in the short-term around the 10-day and 20-day EMAs. If the price breaks below these levels, traders should look for further confirmation before entering any positions.

The RSI at 53.57 shows a neutral condition, indicating that the stock is not currently overbought or oversold. Traders should look for either an uptick in the RSI towards overbought territory, which could signal further buying, or a decline toward oversold levels, which might indicate a buying opportunity.

Interestingly, the MACD is slightly positive, but the Awesome Oscillator shows a negative value. This divergence could suggest that the bullish momentum is losing strength and a pullback or reversal could be on the cards.

From a price action perspective, the Bearish Harami pattern observed on the chart points to possible indecision or a reversal after a recent uptrend. This is reinforced by the Spinning Top, further indicating uncertainty in the market direction. However, the Doji candle from earlier indicates that a reversal could be in the works.

Volatility remains high as indicated by the ATR, signaling potential for larger price movements. The key support levels around the 4548.83 and 4586.95 areas should be watched closely for signs of a potential rebound or breakdown.

For traders looking for confirmation of a trend, the ADX value at 12.57 suggests that the stock is currently range-bound, making it important to monitor the next few days of price action for a potential breakout or breakdown.

Support and Resistance:

Watch for support at 4548.83 (200-day EMA) and 4586.95 (Classic Pivot S1).

Key resistance levels are at 5124.15 (Classic Pivot R1) and 5353.65 (Classic Pivot R2).

In summary, the stock is in a consolidation phase with volatility indicating potential for price swings. Traders should keep an eye on support and resistance levels for the next move.