HEROMOTOR CORP ( DAILY) (STOCH > 25 , 75)
Possibility of trend line breakout drawn from 18th Sept 2020 till 9th Oct 2020
100 day horizontal channel high broken out on 9th Oct 2020
HOWEVER ,
Formation of Dravas Box has been taken place since Apr - May .
Further indications of pull back and taken support at EMA and MA .
Could expect a pull back and take support at either 9 , 21 day EMA or 50 day MA for a stronger signal.
Look into volume movement for signs of pullback
9 day EMA > 21 day EMA > 50 day MA
RSI > 70
Volume > AVG
Buy above 3350
Target height of trend line for Rs. 250 move
OR
Target 2*ATR for Rs.180 move
Possibility of trend line breakout drawn from 18th Sept 2020 till 9th Oct 2020
100 day horizontal channel high broken out on 9th Oct 2020
HOWEVER ,
Formation of Dravas Box has been taken place since Apr - May .
Further indications of pull back and taken support at EMA and MA .
Could expect a pull back and take support at either 9 , 21 day EMA or 50 day MA for a stronger signal.
Look into volume movement for signs of pullback
9 day EMA > 21 day EMA > 50 day MA
RSI > 70
Volume > AVG
Buy above 3350
Target height of trend line for Rs. 250 move
OR
Target 2*ATR for Rs.180 move