This scrip is now trading in demand zone. One can buy if any reversal candle forms on daily timeframe with stoploss at low of that candle and target above 3000.
HeroMoto Corp is been witnessing selling since feb 2021,a clear under performance when compared with broader markets.
Monthly chart for long term counts
As per this count we are in super cycle wave 4,cycle wave b,primary b.
Countinuing to above count,on daily time frame we are in...
Where will Hero Motocorp head to ?
Reasons/Traits :
• Bullish Bat Harmonic Pattern formation is seen
• RSI/MACD are ready for up move, yet to confirm
• Price is way below 13,50 and 200 EMA
• Recent swing low matched with earlier lower low (important level for support)
What can happen next :
Scenario 1 : Price can move up to complete bullish bat harmonic pattern...
Only for Educational purpose.
This stock is right now in good area where buying could be initiated, but its not confirmed yet, if any type of bullish candle pattern is seen in lower time frame like hourly then it could be an opportunity to go long after checking all parameters are aligned or not for trade, with stop loss of same candle's low, don't jump directly...
Sell Trend in 1M TF of this stock after the breakdown of triangle pattern. The downward movement will continue till the price reaches 61.8% of the 5M timeframe's fibonacci retracement.
NSE:HEROMOTOCO is good fundamental company.
on a daily time frame stock is making rounding pattern, and taking very strong support from the 2640 level.
and also making double bottom at the downtrend
one can add this stock for short term target of 2951.
Hero MotoCorp Ltd. engages in the manufacture of two wheeler. Its products include Karizma ZMR, Xtreme Sports, Achiever 150, New Glamour, Super Splendor, and Passion X Pro. It operates through the Domestic and Overseas segments. The company was founded by Brijmohan Lall Munjal on January 19, 1984 and is headquartered in New Delhi, India.
NSE
