On Daily Time Frame it took good support and made reversal from 50DMA. And closed just at 21DMA on daily time frame.
Please refer below chart.
Simple Trade Setup for 16-08-2021.
1) If it opens gap up in range of 590 and goes down and takes support from 588 or 585 then it will be a buy trade entry. But avoid trading in first 15-20 min to judge.
2) If it open flat at the same as 588 level and goes down and take support from 585 then it will be a buy trade entry. But if it break down 585 level then it will be sell trade entry.
But after opening at 588 level and it goes up and faces resistance then it will be quick sell trade till 585.
3) If it open between 585-588 range then if it breaks either side of the level then it will be a trade on that side. If it break down 585 then it will be sell trade and if it break 588 level then it will be a buy trade.
4) Now if it opens below the trendline and breaks the trendline in early 10min then don't chase, let it get down to test it and if it find the support from the trendline then it will be a buy trade and if the breakdown the trendline then take sell trade as per the level and considering other points mentioned above.
Note that all these levels will work as support, resistance, entry and target w.r.t price action on Monday, 16-08-2021. So if any of these levels works as resistance on Monday then from that level it will be short trade and vice-versa.
I hope I made it easy to understand it.
Do comment your doubt or suggestion.
All the best for next trading session.
Enjoy your weekend.
Thank you for your comment.
Let's see. Everyday is the new day with new price action. Let's see what happens in price action tomorrow.
All the best.