Simple Trade Setup | BAJAJFINANCE | 16-08-2021
BAJFINANCEObservations:
1) On 1hour time frame we can see that is near the critical channel zone. From which it has make it reversal in past. But this time will it be able to make it?
Please refer Chart below: 1hour time frame.
2) On Daily Time frame, we can see that it faces resistance and closed below 21DMA on 13-08-2021 but it is still above 50DMA. If it is able to get support from 50DMA then it will be strong reversal. You can see the way it got support on 11 Aug candle from 50DMA range.
Please refer chart below: 1 Day Time frame.
3) On 15min time frame it looks like, the inverted head and shoulder pattern is being formed.
Please refer chart below: 15min time frame.
Trade Setup for Date 16-08-2021:
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 target w.r.t price action working near that level tomorrow.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
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