BANKNIFTY
Observations:
1) On 1 hr time frame, it is taking support from the upper trendline of the parallel channel and closed outside above parallel channel.
Please refer below chart : 1hr time frame.
2)On 15time frame, We can see that since 08-09-2021 it has been taking support from the top trendline of parallel channel and it is making good reversal from it.
Please refer below chart : 15 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.
