Hero Moto Corp: Price targets using Elliott wave!
Sep 23, 2024
We published about Hero Motocorp and predicted a possibility of good returns in the upcoming trading sessions in our Vayu Momentum report. Check out the research we had published on 18th September 2024.
Below is the chart which shows a detailed analysis of Hero Motocorp which helped to derive targets using Elliott Wave technique. We recommended this stock when trading near 5950-5960 levels and successfully caught the up move within just 1 trading session!
Hero Motocorp Daily Chart (Anticipated on 18th September 2024)
Wave analysis:
On the daily chart, prices have broken out of a Rounding bottom formation accompanied by increased volume, signalling a new wave of buying interest in HeroMoto Corp. Additionally, Prices made a new fresh high and closed above the previous day’s high suggests growing bullish momentum. Currently, prices are trading near the upper Bollinger bands®, a decisive break out of it can accelerate positive momentum in the underlying. Also, KST indicator has recently crossed the zero-line moving upwards indicating increasing strength in the trend.
Key Resistance – 6030
Key Support – 5800
Trade setup for intraday futures- long positions can be created if it comes near 5900 with the stoploss of 5875 and target1 of 5925 and target 2 of 5945.
Trade setup for positional futures – long positions can be created if it comes near 5900 with the stoploss of 5820 and target of 6010 (One can book part profit near 5940-5950 levels and trail stoploss to cost)
Trade setup for options: HEROMOTOCO SEP 5900CE BUY IF IT COMES NEAR 120-125 SL 95 TGT1 155 TGT2 175
Hero Motocorp Hourly Chart (Happened on 23rd September 2024)
Happened:
Post recommending this stock, prices moved as expected, stock showed a good rally after a dip and achieved our targets in both futures as well as options. This up move of more than 2.8. We have successfully captured this move with the help of Elliott wave, along with price indicators in just 1 trading session.
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