Trading_hawk

Simple Trade Setup | BEL | 11-10-2021 [INTRADAY]

NSE:BEL   BHARAT ELECTRONICS
NSE:BEL

Observations:
1) On 1 day time frame, it is just at very critical support level 200. If it gets support from here then it has chance of reversal to go up again.
But since last 2 days it has been taking resistance from 21DMA. Which is a sign of downtrend.
So we can say, it is between support and resistance . Brekout on either side will give good move on either side.

Please refer below chart : 1day Time Frame.


Also on daily time frame, we can see that it is at the very cricial support line of parallel upward channel.
Please refer below chart : 1day Time Frame.

-------------------------------------

Trade Setup for Date 11-10-2021:

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.

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 respsective level considering how price action works near that level.
Trade active: Bonus target hit