Simple Trade Setup | BEL | 14-12-2021 [ INTRADAY ]

Dec 13, 2021

BEL

Observations:

1) On 1day time frame,after 2 days of trading below 50DMA it managed to closed above 50DMA but it closed just below 21DMA.

21DMA is placed at 209.02
50DMA is placed at 207.65. 50DMA will work as support now.

Please refer below chart : 1day Time Frame.


2) On 1hr time frame, it made double bottom pattern. Immediate resistance is as 210 level.
Major breakout level is at 215 level.

Please refer below chart : 1hr Time Frame.


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Trade Setup for Date: 14-12-2021

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.

4) Avoid gap up or gap down chase. Wait and trade between levels.

I am giving small targets/levels for safer trade.

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.