Simple Trade Setup|GUJARAT GAS|01-11-2021[POSITIONAL & INTRADAY]
GUJGASLTD
Observations:
1) On daily time frame, we can see it take good support from 200DMA and bounce back.
But still in the downward parallel channel. Breakout of parallel channel will make it in up trend.
We can see major resistace at 640 level.
Please refer below chart : 1day Time Frame.
For positional long trade
there are two options.
1) Better to let it give sustainable breakout of 640 level. Short term target of 720 and mid term target off 800.
2) If it gives dip till 600 level then one can also take long positional trade. Target will be same.
Keep SL 585 or as per your capital risk capacity.
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Trade Setup for Date 01-11-2021:
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 respective level considering how price action works near that level.
