HEG trade ideas
On Monday HEG should close above 3452On 27th September HEG closed at 3452, thereby closing below ¼ line of about 8 months. Friday HEG failed to cross and went down. If it makes an upturn and manages to stay above 3511, the stock will turn bullish. Else, we may see lower levels of 3163 and then the next support is at 2827. Major support is at 2500.
HEG weekly chart study- Bulls party over!HEG weekly chart study- Bulls party over! This doesn't mean that bears are going to party.
Here is what we can deduce:
1) Parabola broken. So those who did not book profit can book completely.
2) No fresh buying.
3) No shorting until we see a close below 200 day SMA and channel breakdown.
HEG - Fall from 4550- Warning Bell About to Ring 20:33 Hrs 27th Sep 2018
Last Price@3475
HEG is an excellent stock which moved from lows at 20 in year 2000 to Highs - 4550 in 2018 - Outstanding move. Hence I have used log chart. log charts are usually used when the stock has moved by a large percentage over the considered period. Move from 20 to 4550 surely has to be checked on log scale.
As a analyst, first thing in market we should learn to keep in control is our emotions else it may trap us. A famous statement - Never ever marry your stock .
For markets, we individual don’t exist. Market doesn’t know whether we made profit or loss - as they do their job emotion free.
I would just say -something which goes up always comes down - having said that let me put down my points why I feel HEG can make further up only above 4550 levels else we are dangerously placed at highs of 4550.
13th Aug - Hourly Chart
Weekly Charts
RSI Indicator is forming negative divergence which is not confirmed yet as of 13th Aug 2018
This whole move looks like ABC wave & recent fall which has started approx from 4550 ( precise -4542 Highs) looks to be impulsive but won’t hurry up & jump into trade unless I get some confirmation.
Confirmation points are 2880 & 2550 which could be strong support levels in coming days.
Key & Critical Support
Any move below key levels like 2880 & extending further below 2550 -should be warning bell for the Investors & let us not forget the case of PC Jewellers which had a fall from 600 to levels below 100. These will be check points in days to come next.
Key Support Zone - 2880 - 2550
Critical Support Zone - 2200–2250
What Next?
Any move above 3500 & holds above 3500 could be opportunity for upside but be careful once it starts trading and holding below 3500 mark - do check key and critical levels to plan your trade.
Not putting downside objective as it may create negative bias - just be careful.
Have a wonderful trading week.
HEG seems to have bottomed out.But the channel seems intact and no further down move possible without breaking channel. It showed a low of 3985 against my expectation of 3985. I hope tomorrow it shows green shoots.
Consolidation likely to be over by tomorrow.The channel formed since 17th May 2018 till date is still showing intact. This an hour chart in which minor spikes are captured in the chart. The middle line is the 1/8 line, a line considered the most bullish of the angles perceived. The stock is in down trend since 02.08.2018 and has almost arrived near the bottom line. I expect the stock should touch 3985 by tomorrow which should be about the lowest point in this down move.
Great movement in HEGWe had initiated buying in this stock in July 2017 when the price was around 400. We sold it at huge profits.
There is only one way to move from hereThere is only one way to move from here. Up and ceiling is at 4478, for tomorrow of course.
HEG may consolidate for a couple of days in the worst case.There is a likelihood that it may see a low level of 3980-4000 and when the upmove takes place, we may see a level of 4975-above depending on its time of entry. But, lower channel having been touched on Friday, the counter may start to move up without any further consolidation also, which will be attributable to any fundamental bullishness emerged due to any new regulation/ news etc.
ConsolidatingTomorrow may move between 4100 to 4200. Breakout may happen in three days. 1/1 resistance is at 4176.
Long term support at 3601Long term support at 3601. Short term resistance is at 4162. Should close above that leve tomorrow. Else a level of 3650 also possible to be revisited.
HEG held the bottom line of the channel.1/1 angle support is at 3929 (prgressively increases each day) which will be the support line. Short term target is 4915
