Hero MotoCorp has been in down trend for the last couple of years. It has been consolidating at a strong support zone forming a wedge over the last 4 months.
The wedge is now broken. It is certainly worth confirming the breakout is sustainable and then join the LONG ride!
14.05.2019 | Views
1) RSI Positive Divergence seen in daily frame
2) Trendline support Consolidation seen
Max CE OI @ 2600 & Max PE OI @ 2400
CE OI unwinding seen in 2600 CE & above strike prices.
Can the stock move up to 2650+ in May 2019 ?
I am a Learner & started practicing chart reading.
Experts can correct me if there is different opinion.
If it breaks the lower support & Sustain, possible targets are mentioned in the charts..
And ADX is in strong selling mode. If everything goes well as per our prediction, will get 100+points..
All the Best.. Have a Profitable Trade..
Hero Moto is standing at trend line support of 2450-2460. It has still not come out of downward momentum but 2460-2470 can be used to initiate a risky buy position with stop loss 2410 for 2700. Overall 1st sign of reversal will be seen only above 2595 and 2nd above 2760.
If it doesn't come to 2460 and before that move past 2595 then buy with stop loss of 2540...