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Thursday, October 28, 2010

Hero Honda takes support of 250 day moving average


Hero Honda Motors stock price on NSE is currently sideways and closed at Rs. 1907.75 today.

The price has found good support at the Fibonacci 78.6% price level (Rs. 1766.70).  

It has also found support on the 250 day moving average, with whom the price has reconnected after an entire year.


A closer look at today's chart shows a long white candle with strong volume.  Rs 1933 and Rs 1977 are the next two psychological barriers to this price. Indicators don't point to a fall in the price tomorrow and the week should end on a positive note.


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