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Investtech Indices
Bearish outlook - Eicher Motor Ltd.
Published September 26, 2018
Eicher Motors Limited (EICHERMOT.NS) Close: 25600.00
After trading in a sideways trend for over a year, Eicher Motors Limited on Monday broke below 27000 rupees to generate a new sell signal from a rectangle formation both in the medium and long term chart. This breakdown was accompanied by very high volume. The stock fell by another 0.66 % on Tuesday. Further downward movement is expected. Target from the formation comes to around 22500.
Volume balance, as indicated by arrows on the bottom right of the chart, is negative on the short term. It indicates more sellers than buyers. Apart from that, momentum is falling as RSI curve is inching downwards. These indicators weaken the stock further and support price fall. There is longer term support of 21000 whereas resistance is around 27000-29700 levels.
Investtech’s outlook one to six months: Negative
Investtech's recommendation: Sell
The analysis is based on closing price as per September 25, 2018.
Written by
Analyst - Investtech
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Partner & Senior Advisor - Investtech
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Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.
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