Traders, I have provided full detailed chart of eicher motors in 1 hour time frame which is clearly form symmetrical triangle pattern, buy if the resistance line is broken . Stop Loss and Probable target is mentioned in the chart itself. This analysis is for educational purpose only. Feel free to share your views. I share chart pattern very frequently.
why didnt you chose the first resistance as target bro?
headymuk
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@vatsalmjain, Nice question sir , there is sort of channel formation on daily candle time frame. So it was pretty obvious that stock will try to break it or reverse from its resistance line which was at 2570, so that was my main target for swing/positional trade. Where as first target was good for intraday trade. I , myself did intraday today and booked on first target although it touched second targed ( target 1 in this chart ).
vatsalmjain
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@headymuk, i meant to ask why wasnt 2540 considered as the first target ? thank you for the reply .
headymuk
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@vatsalmjain, because the stock had more potential than that as main resistance line was way above. 2540 was good intra-day target but not so good for swing trade.
duryodhanbal
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thank you, bro ....you guys very humble because you sharing your knowledge it's not a cheap idea ......have a good night