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Simple Trade Setup | HEROMOTOCO | 18-08-2021

NSE:HEROMOTOCO   HERO MOTOCORP LTD
NSE:HEROMOTOCO

Observations:

1) On Daily Time Frame, It breakdown 400 DMA 1st time on 29 July and from the next day stock reverses.
Yesterday, it closed below 400DMA but today it reverse with powerful candle and closed above 400DMA with good power and volume .

Please refer Chart below: Daily time frame.

Whenever Stock is at 400DMA it has higher probability to bounce back.

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Trade Setup for Date 18-08-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow.

Hope I made it easy to understand it.

My personal view is bullish on it.

Do comment your doubt or suggestion.

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