Eicher Motors bounces 1.9%, double top neckline at 6,442

Eicher Motors is up 1.88% for the week at Rs 7,050 after five weekly declines, with a possible double top and neckline at Rs 6,442. Eicher Motors Limited [

] is up 1.88% at Rs 7,050 in the latest weekly candle, its first gain after five straight weekly declines. The weekly low of Rs 6,767.50 was the lowest in about five and a half months. Royal Enfield sold a record 1,33,958 motorcycles in September, up 8% year on year, per the 1 October update. Models above 350cc fell 26% to 12,463 units, which keeps the premium segment in focus. The major trend is bullish, but the chart shows a possible double top, with peaks near Rs 8,200 and a neckline at Rs 6,442. The pattern is incomplete until price closes below the neckline. RSI is 42.11, below its average of 54.79, so momentum is weak. A weekly close below Rs 6,442 would confirm the pattern and signal a deeper correction. A move above the Rs 8,200 peaks would cancel it. Price at Rs 7,050 sits about 9% above the neckline. A bounce that stalls well below the peaks, on falling volume, would keep the double top alive. Weekly closes near Rs 6,442 matter most. Disclaimer: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.