Simple Trade Setup | 18-08-2021 | AXIS Bank

Aug 17, 2021

AXISBANK

Observations:
1) On Daily Time frame it had formed rounding bottom and breakout it. It was breakout on 9-08-2021. Since then it has been testing the breakout level of it. Which is placed at 754-755 range.
And it has been taking support from the range and closing above it, since last 6 days.

2) On Daily Time Frame, it also took support from 50DMA today. Only one concern is that 21DMA is below 50DMA.

Please refer Chart below: daily time frame.


3) Only one concern is that on 15min time frame, RSI has made higher high since Previous day closing to today's closing while Price made lower high.
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Trade Setup for Date 18-08-2021:
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 target w.r.t price action working near that level tomorrow.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.