Simple Trade Setup | GODREJPROP | 18-08-2021

GODREJ PROPERTIESNSE

Description

⋅ Aug 17, 2021 6:12 PM

NSE:GODREJPROP

Observations:
1) On Daily Time Frame, it is trading above 44 DMA and keep on taking support from it.It took 2 time support from 44DMA.

Please refer Chart below: Daily time frame.

2) On 1 hour time frame, it is now on critical Zone.

Please refer Chart below: 1 hour time frame.

3) On 15min Time frame, it is taking good support and reversal from the channel. And Today it is in that critical channel.

Please refer Chart below: 15min Time Frame.

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Trade Setup for Date 18-08-2021:

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 target w.r.t price action working near that level tomorrow.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Comments

swathikonakanchi

⋅ Aug 18, 2021 5:32 AM

It facing resistance at 1530

Trading_hawk

⋅ Aug 18, 2021 5:33 AM

@swathikonakanchi, Wait for this candle to give proper direction.

Trading_hawk

⋅ Aug 18, 2021 6:43 AM

@swathikonakanchi
it is not willing to go down at this moment

Trading_hawk

⋅ Aug 18, 2021 7:27 AM

@swathikonakanchi, going down

ishushivhare28

⋅ Aug 20, 2021 11:08 PM

suggestions at 1484 level ?

Trading_hawk

⋅ Aug 21, 2021 9:02 AM

@ishushivhare28,

Hi
I would suggest to avoid trading in it now.
If you see on daily time frame it closed below 50 Day Moving average on daily time frame.

And now it is in parallel channel support range.
If it breaks down below 1475 level then it will give down move till 1460 and 1460 level range is a critical support below 1460 it can go till 1440-1430. But as far as if it maintain and trade in the parallel range shown in below chart, it has a chance for reversal only if it breakout and close above this channel and 50DMA.