Simple Trade Setup | HINDALCO | 13-12-2021 [ INTRADAY]

Dec 12, 2021

HINDALCO

Observations:

1) On 1day time frame, it is between 50DMA and 100DMA.
In last session it closed just at 100DMA.

100DMA is placed at 455.33 and 50DMA is placed at 467.45 level.

Immediate Breakout level is 460.

Please refer below chart : 1day Time Frame.


2) On 1hr time frame, we can see it is forming rounding bottom pattern with breakout level at 460.
However major breakout level is at 480 level.

Please refer below chart : 1hr Time Frame.


3) On 15min time frame, we can see that it has been consolidating between 452-460 level range.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date: 13-12-2021

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.

4) Avoid gap up or gap down chase. Wait and trade between levels.

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. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.