Uplindia
UPL trading Range819-699
Please note these strong support and resistance levels in UPL and
use the help of MACD to confirm the direction of the trend !
StochRSI intends a bearish move, but confirms when the level breaks
Simple Trade Setup | UPL | 15-12-2021 [ INTRADAY ]NSE:UPL
Observations:
1) On 1day time frame,it closed just above 100DMA.
It is trading above 50DMA which will work as major support now.
Once it start trading above 100DMA then it will be bullish.
100DMA is placed at 745.08
50DMA is placed at 730.49
Please refer below chart : 1day Time Frame.
2) ALso on 1 day time frame, it is still trading in long term parallel channel.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date: 15-12-2021
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.
