Simple Trade Setup | RELIANCE | 14-12-2021 [ INTRADAY ]

Observations:

1) On 1day time frame,it couldn't manage to sustain above 21DMA and close below 21DMA.

But it is still trading above 100DMA. 100DMA is major support.

21DMA is placed at 2444.06. 100DMA is placed at 2389.26.

Major breakout level is at 2500 level.

Please refer below chart : 1day Time Frame.

2) On 1hr time frame, it has been trading in triangle pattern since long time. And it is keep on squeezing.
And now it is near to the squeezing exaggeration. Breakout on either side, we can see good move.

Please refer below chart : 1hr Time Frame.

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Trade Setup for Date: 14-12-2021

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.