Simple Trade Setup | NTPC | 17-01-2022 [INTRADAY]NSE:NTPC
Observations:
1) On 1 week time frame, we can see that it is near the breakout range again.
This time, if it gives breakout of it then we can see a big up move again. 136 is immediate resistance. Major breakout range is at 140 level.
Please refer below chart : 1 week Time Frame.
2) On 1 hr time frame, it made rounding bottom pattern. If it gets activated then on breakout of neckline we can see up move.
And if it fail and we can also see big down move.
Please refer below chart : 1hr Time Frame.
3) On 15min time frame, we can see support channel.
Breakdown of it we can see down fall. But one 15min red candle should close below it.
Please refer below chart : 15 min Time Frame.
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Trade Setup for 17-01-2022
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.
