Simple Trade Setup|TATAMOTORS|02-11-2021[INTRADAY & POSITIONAL]

TATAMOTORS

Observations:

1) On daily time frame, we can see it has been trading between 10DMA and 21 DMA since last 3 days.
10DMA is immediate resistance which is placed at 490.46 level range.
21DMA is placed at 446.24, which will work as majort support level.
Also last two candles are having very small body. And longer lower wick.

Please refer below chart : 1day Time Frame.

2) On 1 hr time frame, we can see that it is making almost flat lows and trading in decending triangle pattern.
Immediate Major support range is 470-480 level. Breakdown of this 470-480 level range will give bearish move.

Immediate major resistance is at 505 level.
Sustainable breakout of 505 level will make it again bullish.

Please refer below chart : 1hr Time Frame.

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For Positional Trade
Sustainable breakout of 505 level will be safe good entry point for short-mid term buy/long trade.
With SL of 495 and Target of 542-555-560.

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Trade Setup for Date 02-11-2021:

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.