Simple Trade Setup | EICHER MOTOR | 30-05-2022 [INTRADAY]NSE:EICHERMOT
Observations:
1) On 1 week time frame, it has come above the resistance channel and closed above it.
Please refer below chart : 1 week time frame.
Now make or break range is 2780-2800 range.
Sustainable breakout of this range will give good up move an if it fail to do it then it can come down to retest again this resistance channel.
So keep this stock on radar through out next week.
2) Below is the same chart but on 1 day time frame.
Please refer below chart : 1 day time frame.
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Trade Setup for 30-05-2022
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.
