Trading_hawk

Simple Trade Setup | RELIANCE | 18-10-2021 [INTRADAY]

NSE:RELIANCE   RELIANCE INDS
NSE:RELIANCE

Observations:
1) On 15 min time frame, we can see formation of cup and handle pattern.

Please refer below chart : 15min Time Frame.

2) On 1 day time frame, if we apply FIB RETRACEMENT then we can see that critical level to breakout on daily time is 2702.45 level.
But for safer side we will consider the high of previos candle which is coming at 2720 level.
So we can put the major resistance at 2720 level. Breakout of it will give bullish move and we can see the ultimate target of 2778 in short term.

Please refer below chart : 1day Time Frame.

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Trade Setup for Date 18-10-2021:

Most of the levels will remains the same as per previous setup.

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 respective level considering how price action works near that level.