Simple Trade Setup | ACC | 16-08-2021NSE:ACC
Observations:
1) On Daily Time Frame it has closed below 21DMA on 13-08-2021. Since last 3 days it has been failing to close above 21DMA.
Please refer Chart below:
2) Another interesting thing is that in Option Chain data major short covering was seen at 2400 call option for August expiry.
3) It has taken support from 2250 level two times.
4) On 15min time frame, it has made lower lows in price while in RSI it made higher lows. This is the sign of bullish divergence. If on 16-08-2021 it sustain in range till 2290 or above and RSI is takes support from that trendline and maintain above it then it will be a quick buy trade.
However if it breaks the RSI trendline then the bearish trend will continue.
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Trade Setup:
1) If 2300 level will work as good support zone then we can see another upside move.But a safe Buy trade entry should be above 2320 level breakout immediate target 2330.
2) But if it fails to hold 2300 level and breakdown below and continue to take resistance from 2300 level then it will be a down fall.
3) Also if it breaks down 50MA and at the same time RSI breaks down the trendline then it will be short trade.
4) All the levels will work as support, resitance, entry and tareget w.r.t to price action near to that level.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Accce
What next in ACC ? Still up move or retracement? NSE:ACC
ACC was on super up move today on 20-07-2021.
If this up move continue then next target to watch in coming days will be 2400. But a retracement or Consolidation is required. May be it will go to below level to check the demand/support as there will come a profit booking in coming days. But ACC looks strong in coming days to go up.
Keep ACC on your radar and levels are mentioned on it. You can enter from any level in the way it moves.