Trading_hawk

Simple Trade Setup | BHEL | 23-09-2021

NSE:BHEL   BHARAT HEAVY ELECT
NSE:BHEL

Observations:

1) On Daily time frame, It broke 21DMA but still below 50DMA. Breakout on 50DMA will give good upmove. So far 50 DMA is a resistance.

50DMA is placed at 57.61 on daily time frame.

Please refer below chart : Daily time frame.

2) On 15min time frame, today it broke the trendline and gave good upmove.
Please refer below chart : Daily time frame.

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Trade Setup for Date 23-09-2021:

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.

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.
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