We may see a Head and Shoulders reversal in Hero Motocorp Ltd


Hero Motor Corp Ltd showing bearish signs as following:
1. Head and shoulders completed on weekly and daily timeframe .
2. Price closing below 50 and 100 day EMA for 5 consecutive weeks.
3. Price opened below neckline today (20/08/2021).
4. Bearish divergence on RSI throughout the uptrend. Bullish divergence at beginning of downtrend.
(divergence occurs when RSI contrasts with price moments, suggesting trend reversal)
5. A mini head and shoulder reversal has already occured in the current "Head" of the pattern. Similar pattern is repeating itself.
6. Given above observations, price is likely falling to 2056-1935 levels.This was a previous order block.

In conclusion, Hero Motocorp Ltd is a fundamentally strong company. However a better time of entry would be around 2056-1935 levels. Or around 2431, if price only makes a 50% retracement from previous uninterrupted uptrend.