HeroMotoCorp Short Term Trade
Updated
On daily chart, price has found support at 100day SMA, at level around 2868 (purple horizontal line)
Also, this level coincides with 38.2% retracement, of the four month rally (apr-july).
Thus, this level of 2868 can be considered as a good support
Taking this level as support, it has formed a rectangular pattern and now breakout has occured.
There is support of good volume, and rising atr through the breakout
Tgt and Sl are marked on the chart for a short term trade
Also, this level coincides with 38.2% retracement, of the four month rally (apr-july).
Thus, this level of 2868 can be considered as a good support
Taking this level as support, it has formed a rectangular pattern and now breakout has occured.
There is support of good volume, and rising atr through the breakout
Tgt and Sl are marked on the chart for a short term trade
Trade closed: stop reached
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