Simple Trade Setup | BHARTIARTL | 22-10-2021 [ INTRADAY]NSE:BHARTIARTL
Observations:
1) On 1 day time frame,it closed just below 21DMA.
If we apply Fib retracement for recent uptrend, then we can see that major support is at 687.90 level and major resistance is at 712.85 level range.
Today's daily candle look bearish. If tomorrow it trades below today's low then it will invite more profit booking.
Please refer below chart : 1day Time Frame.
2) On 1hr time frame we can see that it came back and trading in the parallel channel again.
Today it broke the middle trendline of it and closed below it.
It has chance to bounce back from the bottom trendline of parallel channel.
If it trades above middle trendline then it can move up till the upper trendline which will work as resistance at this moment.
Sustainable breakout of upper trendline will make it bullish again.
Sustainable breakdown of bottom trendline will make it bearish again.
Please refer below chart : 1hr Time Frame.
-------------------------------------
Trade Setup for Date 22-10-2021:
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.
