PETRONET
Observations:
1) On Daily Time frame, if you can see that level 230 is working as critical level since long time. It was working as both support and resistance since long long time.
Please refer below chart : Daily time frame.
2)Also, on Daily Time frame you can see that it has closed above 100DMA but still below 200DMA. One good thing is that it has broken and taken good support from 21DMA.
Please refer below chart : Daily time frame.
3) Further on Daily time frame it is forming rounding bottom pattern. And neckline/breakout level for the same is 230 level.
Please refer below chart : Daily time frame.
4) On 15min Time frame we can see that since 17 Aug it is getting good support from the accending parallel channel.
Please refer below chart : 15 min time frame.
-------------------------------------
For POSITIONAL trade one can take safe long position only on sustainable breakout of 230 level. SL will be 218 and Target will be 250/260/270 in short/mid term.
-------------------------------------
Trade Setup for Date 06-09-2021:
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.
