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HEG will cross 1/1 resistance if it crosses 4460 on Monday.
refer chart for details
Immediate resistance at 4283, if it is rossed, then near term target will be 4890, the intermediate/ long term target being 6500. Support at 3225
HEG seems to be following support and resistance levels of 140 day chart. If it is so, tomorrow it shall close above 4000 and in short/ intermediate term we hope it tests a level of 4880-4900.
Tomorrow if HEG can close above 4273 and remains bullish, a level of 4863 can be seen in short/ medium term. 2903 is a strong support.
This is hourly chart. Since 26th October the stock is trying to cross 9 month 1/1 resistance line. Hopefully it closes above 4350 tomorrow. Support is 4200, target 5004.
As it has crossed 4289 on closing basis, if it sustains momentum, a level of 4950 in short/ intermediate term can be seen.
First Target by 26th Nov 2018: 4977
Second Target by 1st Nov 2018: 6253
Closing below 4224 would be weakness for the stock.
S1 : 3772
S2 : 3406
Stock would be strong when closes above 4812
HEG fail to breakout the channel, could bring it down to 3600s. If 3100s broken, then it openup a new correction wave altogether.
If HEG manages to close above 4740, it will have crossed, 1/1 resistance line and will become ultra bullish
The next major 1/1 angle resistance of HEG lies at 4721. The major 2/1 angle support is at 2601.
Support 3200, target 3865
Low 3150, target 4165
On 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.
Seems the low has been seen at 3300. The stock should move up from here.
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.
20:33 Hrs 27th Sep 2018
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, ...