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


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.

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.


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