Simple Trade Setup| PI Industries | 30-08-2021

PIIND

Observations:

1) On Daily time frame it has been taking support from 21DMA and trading above 21DMA and now it is near to it's critical resistance level of 3200. On breaout of it, there will be good up move, but if it faces resistance from it then it will be again down move.

Please refer below chart : daily time frame.


2) On 1 hour time we can see that it has been taking support from the parallel channel. It shows that it will remain in up trend at this moment.
Please refer below chart : 1 hour time frame.



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Simple Trade Setup for Date 30-08-2021:

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 exit w.r.t price action near that level tomorrow.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.