Hero Motor Corp - Inverted Flag Pattern - Short
Hi Friends,
Pranam!!!
We are going to analysis the techincal part of Hero Motor Corp!!
Weekly TF:
In weekly TF the script was breaked the previous Market Structure of Uptrend and formed a Lower High and Lower Lows
The script was in support at 2724-2800 and weekly resistance will be 3154-3216
Daily TF:
In Daily TF the script was in the downtrend and EMA200 was Flat, Which denotes trend either can turn bullish or continue to be the bearish.
The dynamic support was around 2823-2850 and the script was holding in the dynamic support range.
MACD of daily was exhausting and weekly its was Flat in the volaitility.
In 2hr TF the MACD was in bearish.
Stochastic RSI of Daily and Weekly was in Overbought range which support the current downtrend
In 2hr TF the stochastic was in the oversold range.
In Daily TF the CPR was currently in the narrow and script was braked above the CPR and was retraced to the R1 of the CPR
CPR was currently in bearish bias
In daily TF the candlestick pattern near in the resistance evidence as evening star which is bearish in nature.
In the script was in the downside and inverted Flag pattern was also evidence in the script
ATR Volatility in Daily TF was Flat, in Weekly TF down and in 2HR tf it was in the Average.
Based on the above, we conclude that the script of Heromotocorp was in the bearish.
Entry:
In Lower TF of 2hr the script was evidencing in the bear Flag Pattern which consitute in line with the trend.
Enty:
Breakout with Bearish Confirmation along with StochRSI reaches and retrace to below 80 or
For Risk traders Sell now or at top of the Channel Pattern(drawn in blue)
SL - 2895 - 1ATR of Daily ATR ( if near Channel TOP) or
SL - After Breakout is Previous candle High - 1ATR.
If you like our analysis press the thumbup and support us.
Pranam!!!
We are going to analysis the techincal part of Hero Motor Corp!!
Weekly TF:
In weekly TF the script was breaked the previous Market Structure of Uptrend and formed a Lower High and Lower Lows
The script was in support at 2724-2800 and weekly resistance will be 3154-3216
Daily TF:
In Daily TF the script was in the downtrend and EMA200 was Flat, Which denotes trend either can turn bullish or continue to be the bearish.
The dynamic support was around 2823-2850 and the script was holding in the dynamic support range.
MACD of daily was exhausting and weekly its was Flat in the volaitility.
In 2hr TF the MACD was in bearish.
Stochastic RSI of Daily and Weekly was in Overbought range which support the current downtrend
In 2hr TF the stochastic was in the oversold range.
In Daily TF the CPR was currently in the narrow and script was braked above the CPR and was retraced to the R1 of the CPR
CPR was currently in bearish bias
In daily TF the candlestick pattern near in the resistance evidence as evening star which is bearish in nature.
In the script was in the downside and inverted Flag pattern was also evidence in the script
ATR Volatility in Daily TF was Flat, in Weekly TF down and in 2HR tf it was in the Average.
Based on the above, we conclude that the script of Heromotocorp was in the bearish.
Entry:
In Lower TF of 2hr the script was evidencing in the bear Flag Pattern which consitute in line with the trend.
Enty:
Breakout with Bearish Confirmation along with StochRSI reaches and retrace to below 80 or
For Risk traders Sell now or at top of the Channel Pattern(drawn in blue)
SL - 2895 - 1ATR of Daily ATR ( if near Channel TOP) or
SL - After Breakout is Previous candle High - 1ATR.
If you like our analysis press the thumbup and support us.
Trade active:
Entered Short at 2840
Entry at 2840
SL -2929 (On Closing Basis)