February 25, 2020 at 8:48 PM #243735Nitin BhatiaKeymaster
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Hero Motocorp Share Technical Setup Analysis suggests that this stock is forming a repetitive triangle pattern. If this stock completes its bigger triangle pattern then it should touch Rs 1400. Currently, the stock is trading near its crucial support and resistance level.
The Hero Motocorp Share is currently trading in a descending channel. There is a strong probability to touch the lower line of this channel at Rs 2000. On the moving average analysis, this stock is trading below 20 and 200 period exponential moving average. However, there is a big deviation between the stock price and the moving average thus suggesting a pullback.
Hero Motocorp stock also follows the heikin ashi candles and stochastic RSI technical setup. However, a stock may remain in an overbought and oversold zone for a very long time. The option chain analysis is currently bearish and put buying is observed at the strike price of 2000. The current down move of the stock is not volume supported. Therefore, it is a speculative move.
The price, turnover and deliverable quantity of the stock is decreasing. Also, the big players are not active in the stock suggesting a trend reversal very soon. Hero Motocorp Share Technical Setup Analysis does not have any correlation with the nifty movement. This stock is underperforming its index.
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