Simple Trade Setup | TATAMOTORS| 20-09-2021 [INTRADAY]
TATAMOTORS
Observations:
1) On Daily Time Frame: It faces resistance from 100DMA but closed above 308 level and also took support from 306 level.
If now 305 and 308 levels will work as support and if it maintains above this levels then it will again show the bullish jumP on breakout of 312 level.
Please refer below chart : Daily time frame.
2) On 15min time frame we can now see that it has been trading in parallel channel. In worst condition it will come to test the bottom trendline or level 305 for support and from that if there will be demand then it will bounce back.
But if it fails to get support from there then we can see a fall till 300 level for sure and then more weakness will come on breakdown of 300 level.
Please refer below chart : 15time frame.
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.
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 respsective level considering how price action works near that level.
