Trading_hawk

Simple Trade Setup | ICICIBANK | 18-08-2021

NSE:ICICIBANK   ICICI BANK
NSE:ICICIBANK

Observations:
1) On Daily Time frame it has taken support from 692 range which is critical level. As it was working as resistance before.
2) On Daily Time Frame it is trading above 21DMA and 50DMA. 21DMA is above 50DMA.

Please refer Chart below: daily time frame.

3) On 1hour time frame it has formed double bottom pattern. And also took support from 692 level and Trendline -1. 705 level look critical to watch out.
Please refer chart below: 1 hour time frame.

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.

My personal view is bullish in it.

Do comment your doubt or suggestion.

Comments

your observation and your ideas are marvellous. I was busy today so I missed trade.
cheers
+1 Reply
Trading_hawk vardhan488286123
Thank you @vardhan488286123,
Reply
Closed just at 21DMA on Daily time frame.

On 15min time frame it closed below trendline 1.

It was a good short trade.

Reply