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Vignesh posted an update 8 years, 1 month ago
HEROMOTOCO-jan 14- march 16
from jan14 to dec 14 hero was in a uptrend , as indicated up an upward trending support line(which mean higher higher and higher lows) , it witnessed a massive resistance at 2760-2800 with good volume , but managed to break the resistance with volume, indicating the trend is intact
from jan 15 the stock started to fall, and broke the previous resistance of 2760-2800 with good volumes, indicating the trend has come to an end,
it made a double top indicating the presence of buyers at 2200-2225 levels, at the same time failed to break resistance of 2760-2800,( WHICH SEEMS TO BE AN IMPORTANCE PRICE LEVEL, AS THE STOCK TRIED TO CROSS THAT LEVEL MANY TIMES BUT FAILED,)
it reached a price level of 2760-2800 5 times but failed to break through,
but now it has moved above that price level, in a flag pattern , with only shortfall being the volume(if volume was present this would have been a very good buy signal)
also an up ward trending support line was seen,.WHICH IS MORE LIKELY A TRIANGLE FORMATIONTRADE PLAN: BUY AT CURRENT LEVELS OF 2820-2850, WITH A STOP LOSS AT 2750( JUST BELOW THE PREVIOUS RESISTANCE) MAX PERCEIVED RISK -2.5-3.5% , REVISE TARGETS DAILY USING EOD CANDLESTICK ANALYSIS