Trading_hawk

Simple Trade Setup | GUJGASLTD | 20-09-2021 [intraday]

NSE:GUJGASLTD   GUJARAT GAS LTD
BSE:GUJGAS

I am posting it, on request from one of the follower.

Observations:

1)On Daily Time frame: Today, 17-09-2021, it gave bearish red candle. Since it open today it faces resistance from 685 level and good thing is that it closed above immediate support 660 level.
Breakdown of 660 level will lead it to 653 level and breakdown of 653 it will lead to 645/644.
645 is last support level . It may show bounce back from this level.
On breakdown of 645/644, it will be more bearish till 630 and 620 level.

Please refer below chart : Daily time frame.

2) On 15min Time Frame: it has been trading in parallel channel in downtrend. And now it is just at the bottom trendline of parallel channel . If it bounce from here then it will reach till middle trendline of Parallel channel . But it if breaksdown the bottom channel then it will be bearish .
Please refer below chart : 15 min time frame.

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Trade Setup for Date 20-09-2021:

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.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL.