Hello friends sharing a very simple and easy to understand Idea on Nifty Fmcg index, as we all can see that after hitting an all time highs of 58000 levels index came down 52000 levels and now taking support from a zone which earlier was a resistance and 200 days moving average was also placed very well there which helped too for this sustainable bounce, and in today's session price broke a two months consolidation in parallel channel and gives a close above channel resistance, Observed a bullish RSI divergence too sharing snapshot below.
Bullish Divergence-:
When price making lower lows that time RSI making higher lows
Trade idea- So after this breakout on breakout retest seems a good swing trade opportunity in Fmcg shares mainly are Marico, Dabur, Hindustan Uniliver and Emami limited.
Retest Levels- 55000 To 54800
Stop loss and target- After retest bounce 56700 and 57700 seems good resistance based target and after the activation of this trade 54600 seems good support below daily closing basis.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste.
Bullish Divergence-:
When price making lower lows that time RSI making higher lows
Trade idea- So after this breakout on breakout retest seems a good swing trade opportunity in Fmcg shares mainly are Marico, Dabur, Hindustan Uniliver and Emami limited.
Retest Levels- 55000 To 54800
Stop loss and target- After retest bounce 56700 and 57700 seems good resistance based target and after the activation of this trade 54600 seems good support below daily closing basis.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste.
Comment:
After publish this breakout in this index yesterday it went good up also and did not show any signs of retest yesterday but now today down by 450 points and showing up that price can do breakout retest in coming sessions like traction of price this is how it made, Added a fresh support too if close below then we can see a successful breakout retest very soon mates.
Comment:
Retest Update-: Massive fall down by more than 1100 points and touched 55000 levels mentioned in idea description. By this we can learn that always we have to avoid on big breakout candle breakouts and have to wait for retest for minimize our risk in any trade position, like the day which i published this idea it was a closing of 1100 plus points but i had a firm view that price will retest probably and actually it is happening so now from here i will wait for a bounce for long entries in fmcg sector shares and will update my trade idea accordingly. Please like my idea if you like my work
Comment:
Hi friends so after published next day index dragged by 1300 points as i updated above and some how breakout retest complete by this fall and after in last trading session again price closed above resistance area with 650 points up so as of now it is giving a view to me that retest is successfully complete same i am updating the idea too