Eicher Motors breakout retest with RSI 60—a good long candidate?
EICHERMOT is retesting its breakout zone with RSI at 60 and support at 13DMA (not pictured here). FIB extension targets are highlighted. First resistance can be 2800 (also happens to be 23.6% FIB). A few auto stocks seem to be in momentum and have retraced so the sector seems to be in a good mood, too.If we observe, Eicher had formed an H&S, took support and is now retesting around the left & right shoulder levels.
Stop can be placed below 2700, around 2670-2680.
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