Simple Trade Setup | BPCL | 17-08-2021

16. Aug. 2021

BPCL

Observations:
1) On Daily Time frame it looks trading in the range 445-465.

2) On Daily Time frame it looks like it is forming tripple bottom or may form tripple top pattern.

3) On Daily Time Frame it took support from 21DMA and closed above 50DMA
Please refer Chart below: daily time frame.


4) On 1hour time frame stock closed in the critical zone which is acting as a resistance since long time.
Please refer chart below: 1 hour time frame.


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Trade Setup for Date 17-08-2021:
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.