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The shares of Eicher Motors Ltd gained as much as 3.33 per cent to Rs 22,599.95, highest since January 1.
The stock has broken above a resistance at Rs 22,264.5, the 23.6 per cent Fibonacci retracement level of the down trend from September 8, 2017 high to January 29, 2019 low.
A close above the 23.6 per cent level may lead to the price rise up further to the next resistance at Rs 24,407.75, the 38.2 per cent level, though some resistance is also expected at the 200-day exponential moving average.
The stock's wave pattern suggests it has completed a three-wave down trend that started on September 8, 2017 and it is now in a five wave up trend.
The trend intensity (TI) indicator has risen to 17, which suggests that the prices are trending upwards, MACD is positive and above its signal line.
The stock up 4.9 per cent in the last one month as of Friday's close, outperforming the broader NSE Index's 0.8 per cent gains in the same period.
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