COLPAL
Observations:
1) On 1 day time frame, it is just below 50DMA and gave good up move after trading for few days above 21DMA.
if it trades above 50DMA then it will make a good up move.
50DMA is immediate resistance.
50DMA is placed at 1482.39. So we can say 1480-1485 will be resistance zone.
21DMA is placed at 1448.36. So we can say 1445-1450 will be support zone.
Also it came out from the range of 1415-1475.
Please refer below chart : 1 day Time Frame.
2) On 1hr time frame, we can see support channel.
Please refer below chart : 1hr Time Frame.
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Trade Setup for Date: 03-01-2022
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.
