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...
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.
From 2636 (a or i) and (b or ii) is completed at 2954 and 2781 respectively. From 2781 (c or iii) may be started and minimum projection range is coming at 3099-3175 which can be achieved in coming days.
2844 is good support. If breaks 2844 then may consolidate between 2844-2750.