Here’s the Weekly Chart of Eicher Motors
Eicher Motors managed a breakout above 1400 in September 2011 after a period of one year. The launch pad for the breakout was 50 week moving average, which became the key level to monitor the technical structure through the breakout journey.
Eicher Motors post Breakout above 1400 rallied to 1750 and by December 2011 pulled back to 1400. Four months into the Breakout and no progress but as a breakout watcher – that’s the patience one has to exercise to make the best use of this technical structure.
Eicher Motors then took off in 2012 from 1400 and never looked back. In following two years – despite bad market environment: stock rallied 280%.
Breakouts are better suited for long term Buy and Ride Investment. It’s not a great strategy to do quick trading. Having said that: one should take all profits that come in very short period of time and then look to re-enter on consolidation and pullback.
Break outs are always fun to track.Keep visiting this page to get next multibaggers
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