Eichermotor 1hr Analysis

2 Ara 2020

Eicher Motors is following very good price action and it is facing good rejections at 2600 levels making a proper Head and Shoulders pattern. If the neckline which acts as major support breaks a nice fall is expected with RRR of 1:2. Also, a breakout from the trend line is expected as it is continuously getting rejected from it and a breakout can give good targets with RRR being 1:2.

Breakdown Trade -
Sell-2500
SL-2530
TGT- 2425-2430

Breakout Trade-
Buy-2540
SL- 2500
TGT-2600