HHEG LTD
Long
HEG Weekly Chart Analysis
Key Observations:
1.Resistance Zone at ₹550:
->The stock has been testing the ₹550 resistance level for an extended period.
->Recent attempts to break above this level were accompanied by strong volumes but faced selling pressure, leading to a pullback.
2.Uptrend Supported by Trendline:
->The stock is respecting a long-term upward sloping trendline, currently providing support near ₹400–₹420 levels.
->This indicates a medium-term bullish structure.
3.Consolidation in Range:
->HEG has been consolidating in a wide range of ₹400 to ₹550 for a significant time.
->This could be forming a potential Ascending Triangle pattern—a bullish continuation structure.
4.Volume Analysis:
->High volumes during the breakout attempts signal strong participation, but the inability to sustain above ₹550 suggests profit-booking at higher levels.
Trading Plan:
1.Breakout Opportunity:
->A decisive close above ₹550–₹560 with strong volumes can trigger a bullish breakout.
Potential upside targets: ₹650–₹700, based on the triangle pattern height.
2.Support Buying:
->Accumulation near the trendline support at ₹400–₹420 could be a good entry point if the stock pulls back.
3.Risk Management:
->Place a stop-loss below ₹400 for long positions, as a break below this level may invalidate the bullish structure.
4.Indicators to Watch:
->Monitor RSI and MACD for confirmation of momentum during a breakout or potential divergences in the current move.
Summary:
HEG is showing strong consolidation near a critical resistance level. A breakout above ₹550 could lead to a fresh rally, while the trendline provides strong downside protection. Keep an eye on the price action and volume for confirmation! 📈🔥
What’s your take on HEG? Share your thoughts in the comments below! 😊
1.Resistance Zone at ₹550:
->The stock has been testing the ₹550 resistance level for an extended period.
->Recent attempts to break above this level were accompanied by strong volumes but faced selling pressure, leading to a pullback.
2.Uptrend Supported by Trendline:
->The stock is respecting a long-term upward sloping trendline, currently providing support near ₹400–₹420 levels.
->This indicates a medium-term bullish structure.
3.Consolidation in Range:
->HEG has been consolidating in a wide range of ₹400 to ₹550 for a significant time.
->This could be forming a potential Ascending Triangle pattern—a bullish continuation structure.
4.Volume Analysis:
->High volumes during the breakout attempts signal strong participation, but the inability to sustain above ₹550 suggests profit-booking at higher levels.
Trading Plan:
1.Breakout Opportunity:
->A decisive close above ₹550–₹560 with strong volumes can trigger a bullish breakout.
Potential upside targets: ₹650–₹700, based on the triangle pattern height.
2.Support Buying:
->Accumulation near the trendline support at ₹400–₹420 could be a good entry point if the stock pulls back.
3.Risk Management:
->Place a stop-loss below ₹400 for long positions, as a break below this level may invalidate the bullish structure.
4.Indicators to Watch:
->Monitor RSI and MACD for confirmation of momentum during a breakout or potential divergences in the current move.
Summary:
HEG is showing strong consolidation near a critical resistance level. A breakout above ₹550 could lead to a fresh rally, while the trendline provides strong downside protection. Keep an eye on the price action and volume for confirmation! 📈🔥
What’s your take on HEG? Share your thoughts in the comments below! 😊
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