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

Oct 16, 2021

TATASTEEL

Observations:
1) On 1 day time frame, we can see that it faces resistance from 50DMA zone. And closed below 50DMA.

50DMA is placed at 1381.56 level.
Sustainable breakout of 50DMA on daily time frame will continue the uptrend.

Please refer below chart : 1day Time Frame.


2) On 1 day time frame, if we apply FIB RETRACEMENT then we can see that it trade between 50% and 61.80% range of FIB.

Please refer below chart : 1day Time Frame.


3) On 15min time frame, we can see that it is trading in uptrend parallel channel.
Upper trendline will work as resistance, middle trendline will work as support & resistance w.r.t price action and bottom trendline will work as support.

Please refer below chart : 15 min 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.