Here’s a brief Al Brooks-style analysis of the Eicher Motors daily chart:
The stock is in a strong uptrend channel, indicating sustained bullish momentum.
A recent pullback formed a bull flag, and price has bounced near the channel's lower boundary, suggesting buyer interest at support.
The candle breaking the flag is strong, hinting at resumption of the uptrend.
Potential target is near 6214, the upper boundary of the channel or a measured move from the flag breakout.
Support zone is around 5200–5186. If the price breaks below this zone, it could trigger a deeper correction.
Summary: Bullish continuation setup within a rising channel. Watch for strength above 5550 for a move toward 6200+.
The stock is in a strong uptrend channel, indicating sustained bullish momentum.
A recent pullback formed a bull flag, and price has bounced near the channel's lower boundary, suggesting buyer interest at support.
The candle breaking the flag is strong, hinting at resumption of the uptrend.
Potential target is near 6214, the upper boundary of the channel or a measured move from the flag breakout.
Support zone is around 5200–5186. If the price breaks below this zone, it could trigger a deeper correction.
Summary: Bullish continuation setup within a rising channel. Watch for strength above 5550 for a move toward 6200+.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.