Trading_hawk

Simple Trade Setup| RBLBANK | 23-08-2021| Will it give reversal?

NSE:RBLBANK   RBL BANK LTD
NSE:RBLBANK

Observations:
1) On daily time frame it has come to the critical zone. From it may reverse or on breakdown of it, it will go down. But my personal view is that it will give revesal.

Please refer Chart below: daily time frame.


-------------------------------------

Trade Setup for Date 23-08-2021:

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.

5) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow.



For Positional Buy trade only take entry once it give closing above 165 level on daily time frame and target will be 200 in short term.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Comments

Good analysis. Got resisted from 165 and gone to day’s low. Whats the view for tomorrow?
+1 Reply
Trading_hawk tejpreet1111
Hi @tejpreet1111, Thank you for your comment.

If you see on Daily time frame. Today it go stuck in that critical range only.
Breakout on any side of the level will give moment. I am avoiding to trade in this stock tomorrow.
Will trade once it give breakout of level on either side on daily time frame.

Reply
tejpreet1111 Trading_hawk
@Trading_hawk, Thank you for the feedback. So we wait for either breakdown below 156 or breakout above 165. IMO, sustaining for 15 minutes should set the tone.
+1 Reply
Trading_hawk tejpreet1111
Reply