Simple Trade Setup | TATASTEEL | 21-10-2021 [ INTRADAY]

TATASTEEL

Observations:

Let's first take look at NIFTYMETAL.
--> On daily time frame, if we apply FIB retracement only on recent uptrend move then we can see that today's candle took support from 61.80% level range.
Please refer below chart : 1day Time Frame.

--> On Daily time frame again, if we apply FIB Reracement on a bit longer uptrend move then we can see that today's candle is still above 38.20% level range.
And seems like it tried to test the previous breakout level of 5900/5905. And took support from that range.
As far as metal index is above this 5900 level range it has still possibilities to continue bullish move.

Please refer below chart : 1day Time Frame.

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Now let's take a look at TATASTEEL.

1) On 1 day time frame, it managed to close above 10DMA. 10DMA is placed at 1336.31. which will be immediate support at this moment.
Also if we apply FIB retracement for recent uptrend then we can see that today's candle took support from 61.80% level of FIB level.
If it sustain above it and breakout 1363 level range then it will be bullish again.

Please refer below chart : 1day Time Frame.

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Trade Setup for Date 21-10-2021:

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.

Trade closed: target reached