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....
Hero Moto corp has given a break down of a triangular consolidation and also closed below its 20 DMA,
Though, its taking support from its weekly 200 ema.
Tomorrow, if the stock on an hourly time frame closes below 2774 levels, a short traded can be initaited.
Targets :- 2735, 2692
Stop loss :- 2775
The markets are retracing and the stock if closes below 2730...
Hero motors giving a breakout above falling trendline resistance and trading as well above on it's 100 days moving..
cause of long
1- 100 days moving average above trading currently
2- falling resistance trendline breakout
Hero Moto Corp is nearing a long term resistance near 2800 level. The stock is forming Cup and Handle pattern on a daily chart. The stock is trading with strong momentum due to sectoral momentum and is outperforming benchmark index. The stock if broke out of this level can see some upside till 2950 levels.
Hero Motocorp on a weekly time frame is taking support from its 20 ema.
The stock had closed between the two moving averages.
For last 3 trading session the stock is trading in a narrow range and the moving averages on daily time frame has coincided.
The levels for the stocks are marked on the chart itself.
On smaller time frame, the price range is narrowing...
Goldman Sachs (GS) is underweight on Hero motor, with a target price of 2080 rupees.
Given this global selling environment, intraday target (Monday) for Hero motor is 2500, and heading toward 2400.
Hero might very well open at 2500 (which is a nice round number)—in which case, wait till it goes to 2600 spot price, before taking bearish position (if you want to...
Hero motor is forming dark cloud cover in the short term (intraday) and has lot of downside in the weekly time frame.
Hero at CMP of 2650 has a lot of downside, given the steel excise-duty (news driven) rally after it's poor quarterly results.
Both their topline and bottom line were hit.
People are not buying hero motor bike; 24% decline in sales.
📈 Hero Moto 📉
My Findings :-
1. Breakout from a swing high and Resistance Zone.
2. Close above March high.
3. Higher High and Higher Low formation.
4. Auto Sector is in Uptrend.
Target- 2646, 2792, 2933 and 3057
RR- 1: 2
All Important Supports and Resistances are drawn in chart.
All levels are of Spot and on closing basis.
1) On 1day time frame, we can see it is near critical breakout level of 2600.
If it trades above it then we can aim for the resistance trendline as our target for positional buy trade and if it rejects from here then we can plan as per sell trade but not positional.
Please refer below chart : 1day time frame.
2) On 15min...
In my analysis I have covered the covid fall as we can consider it a extraordinary event.
Eliminating covid fall, we can see a clear head and shoulders pattern forming on a monthly candlestick chart.
The chart looks weak overall
Heromotoco has been falling like a meteor in the past months and now looks to have made a bottom
It has retraced 50% on the weekly timeframe.
RSI is bullish but for now oversold so we might see some consolidation
MACD is above the signal line.
Bounced back of 50% fib level.
Sitting on 200 MA cluster.
Buy above - 2841
Targets mentioned in the chart above
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be a bullish hammer on the previous support. While the price is at the same level from previous support, the RSI is making a higher low.
HEROMOTOCO looking good for short term after giving breakout.
It can be bought around 2920 to 2930.
*We are not SEBI registered
This is only for educational purpose.
Please consult your advisor before making any trade or investment