quietlife

We may see a Head and Shoulders reversal in Hero Motocorp Ltd

NSE:HEROMOTOCO   HERO MOTOCORP LTD

Hero Motor Corp Ltd showing bearish signs as following:
1. Head and shoulders completed on weekly and daily timeframe.
2. Price closing below 50 and 100 day EMA for 5 consecutive weeks.
3. Price opened below neckline today (20/08/2021).
4. Bearish divergence on RSI throughout the uptrend. Bullish divergence at beginning of downtrend.
(divergence occurs when RSI contrasts with price moments, suggesting trend reversal)
5. A mini head and shoulder reversal has already occured in the current "Head" of the pattern. Similar pattern is repeating itself.
6. Given above observations, price is likely falling to 2056-1935 levels.This was a previous order block.

In conclusion, Hero Motocorp Ltd is a fundamentally strong company. However a better time of entry would be around 2056-1935 levels. Or around 2431, if price only makes a 50% retracement from previous uninterrupted uptrend.

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.