Deceleration of Eicher Motors Ltd

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The manufacturer of Royal Enfield, one of the sensational motorbike in India has been facing a slowdown in its business due to various reasons. The Q3 results of the company failed to satisfy the shareholders and investors which resulted in the downfall of share price by 4% on 7th February 2020. The downward trend of the stock started after its Q3 results and have been continuing till then. Even though there were few bullish candlesticks portraying the engulfing bullish trend, the company’s stock has been down for five straight sessions which resulted in a drop of around 12% in the share price by Rs.2290-2310.
The Ichimoku cloud also shows downward trend with a formation of red cloud for the stock. Also, the chikou span (lagging line) is signifying the downward trend along with the condition of selling as the base line is above the conversion line. There are no possible signal for a change in trend as there are no new updates on the company and its line of products.

 
The company’s net profit has been hit due to the economic slowdown and also a decline in the economic activity in the country. The company had also established its new 3S dealership facility in Bengaluru for providing all kinds of services to their customers with the state-of-the-art facilities. Also, the company has managed to capture a good amount of market share in the state and also over the country.

The above graph displays the continuing downward trend of the stock which would change as it reaches it support level. The support level of Rs.15765 – 15890 would help in taking the position for the stock as the bearish trend continues and would raise up with different market sentiment through the launch of new products.

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