HEG - Fall from 4550- Warning Bell About to Ring

20:33 Hrs 27th Sep 2018

Last Price@3475

HEG is an excellent stock which moved from lows at 20 in year 2000 to Highs - 4550 in 2018 - Outstanding move. Hence I have used log chart. log charts are usually used when the stock has moved by a large percentage over the considered period. Move from 20 to 4550 surely has to be checked on log scale.

As a analyst, first thing in market we should learn to keep in control is our emotions else it may trap us. A famous statement - Never ever marry your stock .

For markets, we individual don’t exist. Market doesn’t know whether we made profit or loss - as they do their job emotion free.

I would just say -something which goes up always comes down - having said that let me put down my points why I feel HEG can make further up only above 4550 levels else we are dangerously placed at highs of 4550.

13th Aug - Hourly Chart

Weekly Charts

RSI Indicator is forming negative divergence which is not confirmed yet as of 13th Aug 2018
This whole move looks like ABC wave & recent fall which has started approx from 4550 ( precise -4542 Highs) looks to be impulsive but won’t hurry up & jump into trade unless I get some confirmation.
Confirmation points are 2880 & 2550 which could be strong support levels in coming days.

Key & Critical Support

Any move below key levels like 2880 & extending further below 2550 -should be warning bell for the Investors & let us not forget the case of PC Jewellers which had a fall from 600 to levels below 100. These will be check points in days to come next.

Key Support Zone - 2880 - 2550

Critical Support Zone - 2200–2250

What Next?
Any move above 3500 & holds above 3500 could be opportunity for upside but be careful once it starts trading and holding below 3500 mark - do check key and critical levels to plan your trade.

Not putting downside objective as it may create negative bias - just be careful.

Have a wonderful trading week.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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