1) On 1 day time frame, we can see that it open above 200DMA and took support from it and sustain above it. 200DMA is placed at 736.60 level.
Please refer below chart : 1 day Time Frame.
2) On 1hr time frame, we can see the parallel support channel, breakdown of it will make it ready for down move.
Please refer below chart : 1hr Time Frame. ------------------------------------- Trade Setup for 05-01-2022
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.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Good evening sir, should the sudden spike in the values at 2:15pm above 744 be considered as a sustainable break or should the market spend some time at a particular value to be considered sustainable? Thank You
Trading_hawk
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@Jeshad96, there are two type of breakout as per my experience. If there is a resistance of a level since long time and then it gives breakout with momentum then there can be trade with Stirct SL without let is spend some time for it. And another breakout is that it will come to test it. Yesterday level of 744 was long time resistance and it break and gave sudden upmove as most of people want to buy on this breakout.
Jeshad96
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@Trading_hawk, thanks a lot sir. Really appreciate you taking time to solve my doubts.
Thank You