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
Indicator is forming negative divergence which is not confirmed yet as of 13th Aug 2018
This whole move looks like 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 Jewellers which had a fall from 600 to levels below 100. These will be check points in days to come next.
Key - 2880 - 2550
Critical - 2200–2250
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.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw