Simple Trade Setup |CUMMINS INDIA | 20-09-2021 [INTRADAY] NSE:CUMMINSIND
I am posting it, on request from one of the follower.
Observations:
1)On Weekly Time frame: We can see that now 1000 level is very very critical level.
And on the upper side it has a resistance Zone: 1045 to 1065.
And in coming days if it takes support from it and breakout 1045-1065 reistance range then it will start upmove again.
If it breaks down 1000 level then next support is as 975/980 and then 960.
960 is again a critical level which was acting as resistance in past many time. It has chance to reverse it from 960 level.
Please refer below chart : Weekly time frame.
2) On Daily Time Frame: It has broken 21DMA. Also it has came back in to the parallel channel. It might get support from middle trendline of parallel channel.
If not then it will go to the bottom trendline of parallel channel.
Please refer below chart : Daily time frame.
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Trade Setup for Date 20-09-2021:
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.
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.
