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.
Based on my xMRSI-Progresser predictive trading methodologies, its going to be a GREEN candle on 17-Oct-2018 for HEROMOTOCO
Buy Above(5Min candle close): 2902.4 for targets -
Note: These calls are based on my own analysis. It may or may not work well for you.So please carefully consider whether it is suitable for you...