Simple Trade Setup | CADILAHC | 15-11-2021 [ INTRADAY]NSE:CADILAHC
I am posting this on request from one of the follower.
Observations:
1) On Daily time frame, It is near to the range of 400DMA.
400DMA is major major support for this.
400DMA is placed at 470.26 level.
Range of 470-475 will work as critical support. One can use this dip to take positional buy trade with SL of 450 and target of all above levels.
Immediate resistance is 500. sustianable breakout of 500 will give good up move.
Major breakout level is 525.
Also it is trading in the support channel. This is same like the case of HDFC.
If it gives breakout of this channel upward then we will see upmove.
Please refer below chart : 1 day Time Frame.
2) On 1hr time frame, previous double bottom pattern failed and not again it is forming double bottom pattern.
If this pattern gets activated then we can see a good up move.
Please refer below chart : 1 hr Time Frame.
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Trade Setup for Date: 15-11-2021
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.
