Simple Trade Setup | BHEL | 13-09-2021

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BHEL

Observations:

1) On Daily Time Frame, we can see that it is failing to close above 56 level. Which is a critical resistance Zone.

Also it has taken good reversal from 200DMA and now it is trading in between 21DMA and 50DMA.

Please refer below chart : Daily time frame.


2)On 1hr Time Frame: It has been trading in Ascending channel pattern.

Please refer below chart : 1hr time frame.


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Trade Setup for Date 13-09-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

P.S: Trade with Strick SL.

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Level 58 achieved.

Fresh buy on sustainable breakout of 58 level.