Simple Trade Setup | BPCL | 17-01-2022 [INTRADAY]

16 Jan 2022

BPCL

Observations:

1) On 1 day time frame, we can see that after giving closing above 50DMA on Thursday , it made bullish candle above 50DMA on Friday.
And now it is near the breakout range of 400 level.

Breakout 400 will lead it to easy 405 level. And breakout of 405 level will make it bullish.
Major breakout level is 410 level. One who want to be in safe trade can only go long on sustainable breakout of 410 level.

But please note that it is still trading below 200DMA.

Please refer below chart : 1day Time Frame.


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Trade Setup for 17-01-2022

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.