Simple Trade Setup | MCX | 30-08-2021

Aug 29, 2021

MCX

Observations:

1) On Daily time frame it is already trading below 200DMA.

Please refer below chart : daily time frame.


2) On Daily time frame it has taken reversal from it's critical support 1455 level range and also closed above 400DMA. It shows the strength will come in stock to get bullish now.

Please refer below chart : daily time frame.



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Trade Setup for Date 30-08-2021:

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 exit w.r.t price action near that level tomorrow.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Aug 30, 2021

Trade closed: target reached