Trading_hawk

Simple Trade Setup |BHEL | 20-09-2021 [ INTRADAY]

NSE:BHEL   BHARAT HEAVY ELECT
NSE:BHEL
Observations:

1)On Daily Time frame: It has faced resistance from 50DMA. And stuck between 21DMA and 50DMA.
It closed just above critcal support zone now. critical support zone is 55.50-56.50.

There are two possibilities.
a) It has to bounce back from current level to go bullish again. or
b) If it breaks down 55.50 level then it will be bearish .

Please refer below chart : Daily time frame.
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Trade Setup for Date 20-09-2021:

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.

Note: Trade with Strict SL.