HEG trade ideas
POSITIONAL TRADE IN HEG POSITIONAL TRADE IN HEG
BREAKING OUT OF RANGE
MOMENTUM INDICATORS ARE PICKING UP
BUY@2270
STOP@2200
TARGET@2450
Gone below supportFor the last three trading days the stock is treading below support, has to close above 2100 for intermediate target of 2600
Consolidating.Strong support is at 2000. For down move the intermediate support should come at 2222, if it turns bullish, intermediate resistance levels are 2575 and 2672.
HEG : Penant patternHEG has seen a sharp correction from near 5000 level to below 2000 level and then went into consolidation mode. All this fall and consolidation have leave to emergence of pennant on daily chart. MACD is trading below 0 line but positive crossover has been witnessed. on upside level 2320 and 2650 would be the resistance level. Close past 2320 would negate Pennant formation and close below 2030 or recent low of 1970 would clear signal for continue of bearish momentum based on pattern. Target of pattern is 900 points but for simplicity reason we would focus on % correction below the breakout level, which is 1430 (30% below breakout level). Reason for the next could be SL of alogrithm based on Mean Reversion as market has not touched 20 day moving average even after 1 month. Value buyers could also emerge considering old ROE,ROCE, Interest coverage ratio. Trader should attempt Buy only on close above 2320 with SL of 2150 for target 2650 -3200 OR sell only on close below 2000 for target of 1780-1500 with SL above 2180.
Range Trader can look for 2040-2300 range.
NSE : HEG might try to touch 2900 plusHEG might try to touch 2900 before Feb 06 most likely before falling back rapidly.
Use stop loss
Should hold long term supportAfter prolonged down move HEG found long term 1/2 angle support at 2020. This is the support we expect to be held in near term.
HEGLooks like more downside is left in the tank, will keep a track on 3rd and 4th wave to trade 5th wave.
probably pain will stop near 1950ish levels! hopefully!if it goes below that on closing basis? then, it will go out of my lens!!
HEGBy breaking every support, it makes a new record in stock history, without any negativity in the share. Let's see where it ends? A possible pit is around 1200....its forming a channel now.
BearishIf it recoups the level of 2900 on Monday, may find resistance at 3260. If bearish move continues, the support may come at 2450.
HEGOn daily basis.....its coming down. lets see the arrest at 2200...the worst, still I don't know..............
HEGIf it crosses R-1 in the coming days, it ill sure to touch R-2 around 2200......may the force of nature save us. Upper target is above 5000 sure from there....in 2~4 weeks.
HEGIf HEG crosses 3606- in the weekly-closing chart by next week(14-1-2018), it will sure to touch 3100...before the end of Jan-2019. Let's wait and watch....
