Simple Trade Setup | ICICIBANK | 30-05-2022 [INTRADAY]NSE:ICICIBANK
Observations:
1) On 1 day time frame, it is just near 200MA. 200MA is placed in 740 level range.
Please refer below chart : 1 day time frame.
Also on 1 day time frame, we can see the importance of 740 level.
Also we can see resistance trendline.
Please refer below chart : 1 day time frame.
2) On 15min Time frame, we can see a rounding bottom pattern. If has to sustain above 740 to get it activated but the next hurdle for it is that resistance trendline.
Please refer below chart : 15min time frame.
Also a support channel is there on 15min TF.
Please refer below chart : 15min time frame.
-------------------------------------
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.
