Simple Trade Setup | BEL | 18-10-2021 [ INTRADAY & POSITIONAL]NSE:BEL
Observations:
1) On 1 day time frame, it has been trading inside parallel channel and immediate support trendline is middle line of the parallel channel.
Breakout of upper trendline of parallel channel will give good up move.
Please refer below chart : 1day Time Frame.
2) On 1 day time frame, if we apply the FIB levels then we can see that the critical breakout level will be 213 level.
Breakout of the same will lead to a good up move.
Please refer below chart : 1day Time Frame.
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So for positional trade if one wants to take buy position then can take on breakout of 213 level.
Short-mid term targets will be 225, 228 & 233 levels.
But keep Strict SL as per your capital at risk.
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3) On 1hr time frame, we can see that immediate support level is 210 level and after that it has 307.50 as next support.
Critical resistance at 212.50 level but we can consider 212.50 to 213 level range as critical resistance range.
Please refer below chart : 1hr Time Frame.
4) On 15min time frame, it has made cup and handle pattern.
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.
