Inverted head & shoulder pattern spotted in Heromoto. Clear cut consolidation around the neckline. Once it breaks it with volume one can look for an upside target of 3000+ in short term
Hero moto is taking a good support at 2870-2880 levels & we can see a double bottom formation.
From here its looking Bullish as we can see now it is going to crossover 200 EMA as well.
I think 3050-3100 levels can be seen easily in July expiry. Volume profiles suggest a good buying levels from here.
Weekly charts show a rounding bottom and multiple attempts to break 3000 have been made.
Money Flow Index is turning positive, and on daily chart Trend line and immediate resistance of 3000 are coinciding . Also a long consolidation range might break with a closing above 3000. Also, 200 DEMA is at 2985 levels, which will indicate first bullish sign.
Next...
Buy Hero Motor Futures in the levels 3238-3100, Stop Loss as per your risk profile/RMS Policy. Target zones 3405-3573. Less Risky Trades can buy March 3400 CE.
