The stock was on a downtrend, moving in a parallel channel. It gave a breakout of the channel, suggesting a reversal trend.
Trade can be taken if the stock sustains over 2800, which is a resistance zone, for targets of 2900 and 3085.
Stop Loss can be maintained at 2740.
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1) On Daily Time Frame, It breakdown 400 DMA 1st time on 29 July and from the next day stock reverses.
Yesterday, it closed below 400DMA but today it reverse with powerful candle and closed above 400DMA with good power and volume.
Please refer Chart below: Daily time frame.
Hero - Cmp 2782.60
Looks good at cmp for long position with 2710 stop loss on closing basis for initial target of 2980-3030.
1. Bullish divergence
2. Near support area
3. Favorable risk reward ratio.
Hero moto is taking a good support at 2870-2880 levels & we can see a double bottom formation.
From here its looking Bullish as we can see now it is going to crossover 200 EMA as well.
I think 3050-3100 levels can be seen easily in July expiry. Volume profiles suggest a good buying levels from here.
Hero Motor - Cmp 3015
The stock is breaking out from it's resistance area of 2983. Looks good for long as long as sustains above 2983. Safe traders can initiate long once sustain above 3037 for targets 3155/3214.
Heromoto has formed head and shoulder pattern, then taken support at base.
Now it is forming ABCD pattern, which might lead it to higher levels 3240 plus to ATH. SL and target levels are placed in Chart.