Technical Analysis:DCB,IRB and Hero Moto Corp

By | April 20, 2012

Having confidence in a trade is easy. You do not know what is going to happen, blinded by opportunity. Every trade is new. Easy to convince yourself that this time it will be a winner. This takes no effort other than convincing yourself. This is what is described in  first circle. You can look at a chart and imagine you can do it. Hindsight. As a new trader I was very confident, but I was confident in myself.

Having confidence in trading is much harder. It requires you to have confidence in every trade. You have to look at a series of trades and results not just one. True confidence comes from a trading plan and process. This is what  describes in his second circle. Hindsight cannot be used. This is about execution. Execution does not lie and you cannot hide from it. As I matured I had confidence in myself as a trader after doing the work.

Hero Moto Corp

Hero Honda has is at crucial juncture with a price range from 2210-2220. At this level price has been rejected 3 times before and Hero honda will make fourth attemp to capture the level and close above 222.Failing to do so will take the stock back to 2100 odd levels

Buy above 2230 Tgt 2264,2290 and 2315 

Sell below 2177 Tgt 2144,2127 and 2092

 

DCB

DCB is a heavily traded counter and quiet volatile. It has formed double bottom at 47.9 and also an ascending triangle formation which is again a bullish pattern.

Volumes were quiet low during the 2 days of fall seen

Buy above 49.2 Tgt 49.8,50.4 and 51

Sell below 47.8 Tgt 47.2,46.8 and 46.3

 

IRB

IRB is near a crucial support of 191-192 region. If it hold stock will again head towards 206 levels.Fall was not accompanied by volumes.

 

Buy above 196.2 Tgt 198.3,200 and 202

Sell below 192.3 Tgt 189.6,186.3 and 184

 

 

 

Leave a Reply