Where will Hero Motocorp head?
Hero Motocorp is trading around the levels from where in can give either side move. The stock has retest the 61.8% fibonacci levels and after takin support from the level it retested and reversed from 50% level of the recent down swing.
So the stock right now is trading around 3000 levels and has formed a gravestone doji after a big 7% bearish move last week. Though the stock is showing some bullish moving averages cross over and is coming to retest the moving average.
After the tie up for supplying Harley Davidson bike the stock shooted up. The stock tried to consolidate around the recent high but couldn't hold the path and has given a fall from there.
The stock on the daily time frame, is trading around the 20 ema and has consolidated near the higher levels of recent swing. Intraday, swing and positional all opportunities are there in this stock as the stock has closed near a support zone and has consolidated in a range for 4 days.
If the stock breaches the swing low, a bearish trade can be initiated and continued with a trailing stop loss. The stock can give 1-2% move on the intraday levels and much more in positional trades.
Entry 1 :- Below 2980
Target :- 2930, 2860(with trailing SL)
Stoploss :- 2995
Entry 2 :- Above 3080
Target :- 3185
Stop loss :- Can be a close below 20/200 ema on hourly charts.
The stock is somewhat on the lower range and there are much more chance of a bearish move. If the stock opening gap up avoid trading the stock for intraday as it can trade in a range.
Trade only once the stock start trading outside the box.
Wait for the price action near the levels before entering the trade.
So the stock right now is trading around 3000 levels and has formed a gravestone doji after a big 7% bearish move last week. Though the stock is showing some bullish moving averages cross over and is coming to retest the moving average.
After the tie up for supplying Harley Davidson bike the stock shooted up. The stock tried to consolidate around the recent high but couldn't hold the path and has given a fall from there.
The stock on the daily time frame, is trading around the 20 ema and has consolidated near the higher levels of recent swing. Intraday, swing and positional all opportunities are there in this stock as the stock has closed near a support zone and has consolidated in a range for 4 days.
If the stock breaches the swing low, a bearish trade can be initiated and continued with a trailing stop loss. The stock can give 1-2% move on the intraday levels and much more in positional trades.
Entry 1 :- Below 2980
Target :- 2930, 2860(with trailing SL)
Stoploss :- 2995
Entry 2 :- Above 3080
Target :- 3185
Stop loss :- Can be a close below 20/200 ema on hourly charts.
The stock is somewhat on the lower range and there are much more chance of a bearish move. If the stock opening gap up avoid trading the stock for intraday as it can trade in a range.
Trade only once the stock start trading outside the box.
Wait for the price action near the levels before entering the trade.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.