GAIL
On Daily Time frame it has broken 21DMA with Gap up and with good volume on 06-08-2021.
Also on 05-08-2021, we saw sudden sell off in 2nd half. But RSI made minor lower high while price action made huge lower low. This was a bear trap and panic sell off before the results. Results announced by the evening and it was good results.
Simple Trade Setup for 09-08-2021.
1) If it stays and trade above 149 level and it will be a good entry point for buy trade.
2) If it open flat and go down and get support from 147 level then it will be also a good entry point for buy trade.
3) But if it breaks down the 147 level then it will be again short trade till 144 target.
4) Since 21DMA is placed at 143.70/143.75 level then in this down fall it might test 21DMA and make reversal. And if it gets support from 143.75/144 level then it will be a good entry for Buy trade. But if it fails to get support and breakdown 21DMA level then we will see profit booking and it will give down move.
5) Safe Entry Trade Level
For Buy Trade it will be above good breakout of 150 level.
For Sell Trade it will be below good breakdown of 143 level.
Hope chart and levels are easy to understand.
Do comment your doubt or suggestion.