Simple Trade Setup | ICICIBANK | 24-08-2021

已更新

Observations:
1) On daily time frame, it is testing highs of Feb-2021. And it is taking support from 674 level range since last 2 days.

2) It is trading below 21DMA [Blue line] but above 50DMA [ Red line].

Please refer Chart below: daily time frame.

3) On 15min Time frame it is trading in the descending channel pattern.

Please refer chart below: 15min time frame.

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Trade Setup for Date 24-08-2021:

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 below. I hope it is easy to understand.