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HEROMOTOCO Suggests Bullish Strengths

HEROMOTOCO Suggests bullish Strengths

On the daily chart, the stock has turned up from the multiple support zone & 100-days Simple Moving Averages, which indicates a further reversal for the near term.

The stock has also formed a Bullish Engulfing Pattern & given a consolidation breakout on the daily scale, which suggests bullish strengths in the counter.

HEROMOTOCO-EQ Chart
HEROMOTOCO Chart

In addition, the prices have been moving above Ichimoku Cloud formation with a positive crossover, which supports a positive trend for the long term.

Moreover, the stock has settled above 61.8% Retracement Levels of the prior fall that is again a bullish confirmation for the prices.

On a weekly timeframe, the stock has been shining from the last four weeks and building higher highs & higher lows formation.

A momentum indicator RSI & Stochastic witnessed a positive crossover that adds bullish presence in the prices.

Hence, based on the above technical structure, one can initiate a long position in HEROMOTOCO around 2770 or a fall in the price till 2700 levels, can be used as a buying opportunity for the upside target of 3000/3150 while the support is placed at around 2550 levels which could be considered as a stop loss on a closing basis.

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