In Sept 17, Hero Moters has made its all time high of 4100 and since then the stock is consolidating down trend. Recently in 2021, stock tried to test resistance of 3500, however, didn't manage to sustain. Somewhere in May 22 the stock made its first positive structure of Bullish wedge on daily charts and gave breakout around 2500 when it caught my attention. It has already achieved all my targets on daily charts without hitting a SL. Now on weekly charts the stock has made again a positive structure on Inverted Head and shoulders Pattern. Now we can assume the stock has completed its down trend consolidation and expect to resume its up trend and again test resistance of 3500. One more reason to buy this stock is, CNX Auto Index has give a successful closing above 1200 on weekly charts. (You may read my last weeks analysis on CNX Auto). The company has very good fundamentals and one of the biggest market share in India. Therefore, this is a very good techno-funda pick. The SL is purposely kept deep as this stock is worth of long term investment. One can actually add this stock on dips seeing its fundamentals.
CMP - 2850 W
Target - 3360 W
SL - 2600 W
View - Medium term.
CMP - 2850 W
Target - 3360 W
SL - 2600 W
View - Medium term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.