NeeteshJain

Hero Motors - ABCD Bullish Pattern

Long
BSE:HEROMOTOCO   HERO MOTOCORP LTD
399 views
4
It is been observed that the price action forming a bullish ABCD pattern, indicating further move up. It has retraced to 23.6% levels and now it shall further move up to 38.2% levels.

Target: 3482
Stoploss: 3375
Trade active: Opened up at 3470 close to target but drops immediately after that, signaling selling pressure. Now, if it breaks and closes below 3322 levels, then it shall further move down.
Trade closed: stop reached: The pattern did work out well due to this reason:

Lesson: "If C retraces ~61.80% of AB, D should be 161.80% of BC" suggested by @bbrijesh

Comments