Simple Trade Setup | EICHER MOTOR | 03-01-2022[INTRADAY]

2 Jan 2022

EICHERMOT

Observations:

1) On 1 day time frame, it is below 200DMA and it gave good up move from 50DMA.
200DMA is immediate resistance and 50DMA is immediate support.

500DMA @ 2542.36 and 200DMA @ 2620.84

Please refer below chart : 1 day Time Frame.


2) Also On 1 day time frame, we can see formed perfect double bottom pattern and we can also see now next major breakout level is 2620.

Please refer below chart : 1 day Time Frame.


3) On 1day time frame, it has reached till the top line of resistance channel.

Please refer below chart : 1day 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.