Autosector
TVSMOTORS Cup & Handle breakoutAuto sector is in bullish momentum considering the hype around electric vehicles and reducing steel prices.
TVSMOTOR is looking very bullish and looks like a good positional trade.
It is very close to its ATH of approx 814 and is currently on the verge of giving ATH weekly closing.
EICHER MOTOR LIMITED. A Hidden Bull In The Auto Sector. This Is The Detail Analysis Of The Eicher Motors Limited Which As Given The Breakout At Monthly TimeFrame.
PATTERNS:
1. HEAD AND SHOULDER.
2. FLAG AND POLE.
THE STOCK IS LOOKING STRONG AT MONTLY TIME FRAME, IT AS GIVEN BREAKOUT IN THE MONTH OF JULY AND NOW IT IS TRYING TO SUSTAIN ABOVE THE BREAKOUT LEVEL WHICH IS THE GOOD SIGN OF A CLEAR AND LEGIT BREAKOUT.
TATA MOTORSHello and welcome to this analysis based on Harmonic Trading Patterns
In the daily time frame it has made a Bearish Harmonic ABCD pattern with perfect balance symmetry.
It could retrace down to 440 - 430 as long as it does not trade above 461
As per Option Data also July Series 460CE is seeing fresh shorts being added and 440PE is seeing short covering. While August Series 460CE has already formed a very strong OI resistance with more being added currently.
NIFTY AUTO Trend AnalysisWorst scenario for those who are bullish thinking of potential Cup with Handle pattern formation on a broader outlook or reverse Head & Shoulder pattern on a narrower outlook.
If you look carefully, you can see the descending broadening wedge clearly as highlighted in my chart.
You can zoom out to see the broader view of my chart with all the drawings.
Technically this chart looks almost similar to the Ashok Leyland chart I have posted earlier this month.
TDI is at upper band with NIFTY AUTO nearing the resistance zone in confluence with the edge of pitchfork and upper edge of the descending broadening wedge highlighted.
Moreover a strong hidden bearish divergence in MACD histogram is observed on weekly timeframe. (Not applied here because chart is on daily timeframe).
Expecting a fall of approximately 30-33% towards 7700-8000 level, which is next possible support zone lying near golden Fib level.
The fundamental attributes of major auto companies are not looking good specially with the declining OPM% (At lowest levels).
It's better to avoid FOMO in auto sector stocks because of all good news and invest after this big correction or else keep averaging.
Do your own due diligence before taking any action.
Peace!!
5/25/22 ANAuto Nation ( NYSE:AN )
Sector: Retail Trade (Specialty Stores)
Market Capitalization: $6.427B
Current Price: $114.84
Breakout price: $118.10
Buy Zone (Top/Bottom Range): $109.60-$96.90
Price Target: $142.80-$144.00
Estimated Duration to Target: 399-407d
Contract of Interest: $AN 1/20/23 110cc
Trade price as of publish date: $20.10/contract
Ashok Leyland BreakoutThe stock has broken out and retested, so it may undergo a rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the previously upper trendline. The target is placed based on fundamentals and near swing high.
M_M might move towards 800 levelsDaily Chart - Stock is mostly sideways on the daily chart.
Hourly - Stock had lower low, lower high structure, though recently the length of downswings are getting smaller and stock also went above previous high, and it looks like it is started to create a higher high structure.
Hence sustaining 748- 745 levels, it can move towards 800 in the coming week.
GM UptrendSince the beginning of the year General Motors has started doing healthy bullish things on its chart.
We have another uptrend that is in play, and if the trend holds we can look for a retest of the $60.30 resistance level. A break and hold above that level could send us 15% to the upside to the top of the channel.
***Also, please be aware that the current market is fueled with uncertainty at the moment, so a breaking of this uptrend is very much possible. Until then, however, we assume GM remains in the trend until it doesn't.
If the trend breaks, we have our stop losses at $57.43 and the final line in the sand at $55.82.
Swing Trade for Motherson sumi All the information are for knowledge and understanding purpose. Before taking any decisions kindly connect to your financial advisor.