From the life high price made in 2017, Hero Motor stock price has been on a consistent downward move. Earlier this year the stock fell near to 1500 levels and ever since has been making an attempt to reclaim some of the earlier support levels. The last four weeks price action suggest that the stock can climb to higher levels if it defends 2240-2200 levels which is a significant multi year price action zone. The daily chart
suggest the formation of an inverted Head and Shoulders
pattern and if the price breaks above the long entry price point mentioned in the chart, it can test higher levels as mentioned.
The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa
The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.
Prof. Binu P Paul PhD
Prof. Soumya V ACSI