Using Heikin Ashi Strategy - On a daily timeframe, Nifty was in a downtrend and formed a red Doji last week. On a weekly timeframe, Nifty formed the first two candles of Heikin Ashi downside. So, this week waiting to see if it continues the downtrend or reverses from this level.
Major Support and Resistances are highlighted in the chart with blue bars. Though...
Stock has formed an Inside Bar Pattern after a Strong Downtrend as shown in blue color. On Friday, the stock confirmed the breakout of Mother candle's High and formed a long bullish candle. There would be some profit booking in the stock early next week. Based on the Inside Bar Breakout, here are some resistances stock will see -
First Resistance is at 1102,...
Hero Moto Corp is nearing a long term resistance near 2800 level. The stock is forming Cup and Handle pattern on a daily chart. The stock is trading with strong momentum due to sectoral momentum and is outperforming benchmark index. The stock if broke out of this level can see some upside till 2950 levels.
The stock seems to be forming a 'W' Pattern on a daily timeframe. Good Volume can be seen today. Wait for the breakout to see if it can sustain above the resistance. Check with your analysis too, before any trade is taken.
