BHEL --INTRADAY SETUP --23/01/2023

BHEL --INTRADAY SETUP -- 1 HOUR -- 23/01/2023

1. BHEL trading at upper channel on hourly chart , trendline & channel support seen at 80 level

2. stock close 80.80 last closing session near support level .

3. one can initiate BUY at 80-80.50 target 82-83 on intraday stop loss bellow 79

4.IF 15 min/ hourly candle close bellow 79, which is hourly trendline breakdown then initiate sell for target 78-77

* normalize deviation oscillator shows strength, bullish above 0 ( center line ) , Bearish bellow 0 ( center line ) .



**THIS IDEA IS FOR EDUCATIONAL PURPOSE ..... trade at own risk .!!


HAPPY TRADING. !!

Comment:

intraday Support 79.75, 79.50
intraday Resistance 81.50, 82.50

Comment:

on hourly chart , heikin ashi hammer candle formation in progress , low of hammer is 79,75 and high of hammer candle 81.50

Comment:

EDUCATIONAL TIP --- what is correct time to take intraday trade.

correct time to initiate intraday trade is when if you convinced trade will be in your favour either long or short , it can be any time in a day. but since intraday trade has to close before closing of session. advice dont take fresh trade at late afternoon after 2.45 pm.

Comment:

I Personally like to wait for initiate intraday trade until 15 min bullish candle formation above 44 HMA to go long or wait until 15 min bearish candle form bellow 44 HMA to take short trade.

Comment:

Trading intraday support 79.50- level now and also near 44 HMA , intitate buy at next candle if close above 44 hma .
12.18 pm

Comment:

now undrstand correct level to buy.. when stock come at support 79.50 , 15 min bullish candle form and close above 44 HMA... correct time 12.30 pm