Simple Trade Setup | SUN PHARMA | 01-11-2021 [ INTRADAY]
SUNPHARMA
Observations:
1) On daily time frame, it just closed at 50DMA.
50DMA is placed at 795.19 level.
Please refer below chart : 1day Time Frame.
2) Also on daily time frame, as we already know it has been trading in up trend parallel channel.
And it took support from middle trendline of parallel channel.
Please refer below chart : 1day Time Frame.
3) On 1hr time frame, we can see head and shoulder pattern. Necl line is 795-800 level range.
Scenario -1 If it opens above this neckline and goes down then gets support from this neckline then it will be buy trade.
Scenario -2 If it opens below this neckline and goes up then faces resistance from this neckline then it will be short trade.
Please refer below chart : 1hr Time Frame.
Trade Setup for Date 01-11-2021:
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 respective level considering how price action works near that level.
