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 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...
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...
Hero Motorcorp is at an important demand zone. If the price bounces off of this zone, then consider taking a long position.
However, due to bad results if the price manages to slip below the demand zone, then open a short position.
The XABCD Bat pattern is already activated, if the price manages to stay above the demand zone, then we could see target B...
HEROMOTOCO Will Take Support From 2525-60.
I Will Be Ready To Buy At These Levels. Will Keep A Distance As Of Now. If Any Lower High Is Taken Out, Will Be Alert For Us.
Till Then Find Shorting Opportunity Based On Price Action.
1) On Daily Time Frame, It breakdown 400 DMA 1st time on 29 July and from the next day stock reverses.
Yesterday, it closed below 400DMA but today it reverse with powerful candle and closed above 400DMA with good power and volume.
Please refer Chart below: Daily time frame.
Whenever Stock is at 400DMA it has higher...
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...
I hope you can now see how Heromotoco represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be...