Simple Trade Setup | MCX | 06-09-2021

已更新

Observations:

1) On daily Time frame, it has given breakout of rounding bottom pattern. Breakout level range is 1585-1586. Nearest resistance level is 1600 level.

Please refer below chart : Daily time frame.

2)On Daily Time frame we can see that it has broken 100DMA and 200DMA with bullish candle.

Please refer below chart : Daily time frame.

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Trade Setup for Date 06-09-2021:

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.