Simple Trade Setup | PETRONET LNG | 07-09-2021

Sep 6, 2021

PETRONET
I am selecting PETRONET again for 07-09-2021.

Observations:

1)On 15min Time frame today we can see that it has broken out from the parallel channel and also closed above 230 level.
Tomorrow if it sustain above 230 level then we can see a good upmove.

Please refer below chart : 15min time frame.


2)On Daily Time frame we can see that after making rounding bottom pattern, today it opend gap up above 230 level and closed above 230 level. If tomorrow it gets support from 230 level then we can see a good up move.
Only drawback for today is that it has made bearish candle on daily time frame.

Please refer below chart : Daily time frame.


3) Also on 15min time frame it has made rounding bottom pattern today. With neckline level at 231 level. For intraday trade 231 level breakout will give good intraday up move.
Please refer below chart : 15min time frame.


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For POSITIONAL long trade, one can take long position for short term from CMP as far as it is trading above 230 level. SL will be 225 and target will be 240/245.

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Trade Setup for Date 07-09-2021:

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.