- HEROMOTOCORP is facing hard rejection from the upper trendline.
- Waiting for this to get breakout for a long buy trade.
- Always identify the fakeout and real breakout before taking the trade.
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Axis can go further down
Reasons for trade- 1. Axis is downtrend on daily as well as weekly chart
2.Support is formed at 640 on 4 hour chart
3.Price approaching towards the 2013 trendline
4.Rounding top patter is getting completed on daily chart
5.Risk Reward 1:2
Sell below 640 Stoploss 676 Target 600 Intraday 585 Positional
Please Consult Your Financial Advisor Before Taking Any Decision.
NSE:HEROMOTOCO the drop formation in 1h sets up for a short position in the scrip.
Short at 2631.65 with SL 2649.50 and two multiple targets based on your RMS.
Note: Always risk 1% of account size per trade, adjust the position size...
If it breaks the lower support & Sustain, possible targets are mentioned in the charts..
And ADX is in strong selling mode. If everything goes well as per our prediction, will get 100+points..
All the Best.. Have a Profitable Trade..
As per my wave analysis, this UP move will not last long, and prices should drop to 2500-2400 levels soon. Be careful with any buys from here.
I will be happy to wait till the prices comes to 2500-2400 levels and then buy.