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....
Attached: HEROMOTOCO/ NIFTY 50 Weekly Chart as of 28th April 2023
The above Ratio Chart also called a Relative Strength Chart shows that the Stock HEROMOTOCO is set to Outperform the Index Nifty 50 and has given a Buy Signal on this Ratio Chart based on Elliot Wave Theory
Wave 1/ A was a 5 wave Impulse
Ratio retraced to 0.786 in Wave 2/ B as a 3 wave...
NSE:HEROMOTOCO
Observations:
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...
Heromotocop has farming darvas box pattern on daily time frame . Giving breakout above 2780 leads to further breakout levels , also volume increaing NSE:HEROMOTOCO
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.
SL: 2600
HEROMOTOCO me trend line pr jab support dikhaiye to tabhi buy kre na warna nhi kre , aur day time pr 200 ema hai aur doji bana hua hai jayese day brack hoga wo se bhi buy kash ke ho gaa
NSE:HEROMOTOCO
It is on critical range 2040-2050.
I have given levels and target for safe trade. Otherwise you can use either of these levels to take trade on either side considering how price action is working in particular day near those levels.
Do comment if you have any doubt/suggestion.
I have mentioned 10 points targets only to keep the trade safe...
We could see that the stock has corrected itself quite nicely and now i could see a hockey pattern forming. If the market is bullish we could see a good movement in this.
Please Trade at your own risk
![HEROMOTOCO: Simple Trade Setup | HEROMOTOCO | 23-05-2022 [INTRADAY]](https://s3.tradingview.com/k/kP2kX3r9_mid.png "Simple Trade Setup | HEROMOTOCO | 23-05-2022 [INTRADAY]")
