1)On daily time frame, previously it has taken good support from 21DMA and now today,07-09-2021, it just closed below 50DMA with good bullish candle.
Please refer below chart : Daily time frame.
Today volume also increased compare to yesterday and it was above "21Volume Moving Averange (21VMA)". Please refer below image.
2) Also on 1hr time frame it made rounding bottom pattern along with double bottom.
Please refer below chart : 1hr time frame.
3) On Daily time frame it has made V bottom pattern. And in last 4 days it breakout the neck line of it and it tested today from 4200 level and gave good upmove. Now next neckline/resitance to watch is 4350. Any sustainable breakout of 4350 level will give good upmove.
Please refer below chart : daily frame.
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Trade Setup for Date 08-09-2021:
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.
Let's see tomorrow... If it holds above 4200 then it will be bullish
ayushikhemka
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is this Trade active
ayushikhemka
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I've entered the trade. what Target can we expect?
Trading_hawk
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@ayushikhemka, If you are talking about intraday trade then all the levels will work as target/resistance, support and resistance w.r.t to price action.
I guess your trade is for intraday, right?
Trading_hawk
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@ayushikhemka, Or you are looking for long term holding?
Trading in equity or FnO ?
ayushikhemka
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trading in FnO
ayushikhemka
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short term.
Trading_hawk
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@ayushikhemka, For FnO at what level you take position in which option?
Trading_hawk
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@ayushikhemka, Just for information. It has to close above 4350 to go bullish.