Today I will try to explore HEG stock (India), whether its a good position to buy or sell this stock.
From Long term point of view, we will see where the stock stands using its 'Weekly Chart'.From past 6-8 months it is downtrending (indicated by "black line")
The MACD indicator shows there is a good chance of Trend Reversal at current price position.If we wait for this weekend, we will be able to judge whether 'downtrend' is ending or not.
Buy Signal -
Wait for couple of days to see how stock performs, if there is a pullback in next couple of days we will buy the stock and stayput with stoploss as the Resistance line ( resistance line needs to be drawn from pullback) .
Daily chart will help in seeing the pullback in next couple of days,
The below figure as of today shows 2 things, first the volume rise ( circles ) at the bottom, trying to reverse the Trend, second the price touching the downtrend line ( there might be a pullback or a sharp rise from here, so we need to double check by waiting for couple of days and how the price behaves)
