Simple Trade Setup | PETRONET | 24-09-2021 [INTRADAY]

Sep 23, 2021

PETRONET

I am posting this on request from one of the follower.

Observations:

1) On Daily time frame, we can see that 21DMA has made crossover of 100DMA.
As per theory when the small moving average [21DMA] crosses above big moving averange [100DMA] then it will be a sign that a bullish move is going to come.
But this doesn't work all the time. This is just a sign. But for the trader it is always to keep such sign in mind but follow levels to trade.

234 is immediate critical resistance.

Please refer below chart : Daily time frame.


2) One 1 hr time frame we can see that it has been trading in parallel channel pattern.

Please refer below chart : 1 hr time frame.


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Trade Setup for Date 24-09-2021:

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.

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 respsective level considering how price action works near that level.

Sep 24, 2021

Trade closed: target reached