Simple Trade Setup | RELIANCE | 16-08-2021

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Observations:
1) On Daily Time Frame it looks like an inverse head and shoulder pattern. And closed at the neckline which is 2145 level range.
Please refer Chart below:

2) On Daliy time frame it has also closed above 50MA.

3) Next up level which has open interest addition is at 2160 call option. But an interesting thing is that for 2200 call option there was good short covering seen.

4) On 15min time frame it has been trading in channel. Taking resistance from upper trendline and taking support from bottom trendline.
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Trade Setup:

1) If it breakout and test the upper trendline then it will be a buy trade.

2) But if it breakdown the upper trendline then from respective level it will be short trade entry with SL of upper trendline or the upper level.

3) All the levels will work as support, resitance, entry and tareget w.r.t to price action near to that level.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

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