Simple Trade Setup |BPCL | 13-09-2021

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BPCL

Observations:

1) On Weekly Time frame, It game rounding bottom breakout and then in last week it made hanging man candle.
This Hanging man candle will be a sign of bearish move if the stock fails to trade above and close above the high of this hanging man pattern.
From the chart we can see that for next bullish move it has to break and trade above 496 level otherwise there will be down move in coming days as a part of profit booking.

Please refer below chart : Weekly time frame.


2)On 15 Time Frame: It has been trading between 485.50 to 492.50 since last few days.

Please refer below chart : 15min 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.

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