Simple Trade Setup | BHEL | 13-09-2021

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Observations:

1) On Daily Time Frame, we can see that it is failing to close above 56 level. Which is a critical resistance Zone.

Also it has taken good reversal from 200DMA and now it is trading in between 21DMA and 50DMA.

Please refer below chart : Daily time frame.

2)On 1hr Time Frame: It has been trading in Ascending channel pattern.

Please refer below chart : 1hr time frame.

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Trade Setup for Date 13-09-2021:

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.

Please refer below chart for levels.