it is a bearish continuation pattern compare with united spirits for similar example which is also published in my ideas disclaimer - this is just my idea and opinion trade at your own risk
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rsi is one thing to watch but in the past rsi even went to strongly overbought ranges in itc even below 18
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closed still sideways one secret i would tell is look for itc after 3months after second deepavali from now on
@Paurik, head and shoulders pattern on #FMCG INDEX
techno_funda_guy
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@Paurik, oh thanks for indicating yeah fmcg are falling nestle is below 200 ma and hul has its own problems like their body soap ph values are equal to normal dish washing soaps, however i think the reasons behind fmcg falling might be linked with farmer protests and during covid actually many people bought food stuff that will be sufficient for 3-6 months so actually last quater the results should be excellent for but gaint like nestle results are not upto the mark so nestle felt ,so this quater sales might also decrease as previously they bought rigouresly ,and this time people might not buy biscuits like last time they did in covid time so this upcoming quater britannia might face -ve results i think so ,and coming to itc its barely an fmcg stock ,its star products for last quater can be considered as savlon hand sanitiser but now many sanitisers brands are there in market ,and its ashirvaad ata was a good click during pandemic but now they might not buy it as they bought in pandemic huge quantities ,even i bought large quantities of ata still much more remaining ,so leaving that coming to biscuit dark fantasy i ate it once its ok but it is not buyed more than once or twice and britannia bourban are quite good but pandemic spending with biscuits people are not prefering them much now , and nestle noodles are brought much in pandemic but for this quater sales will decrease for sure as well as profits so now these things are being factored in ,so fmcg will be bearish for next quater i hope so ,neslte and itc will be the most affected while hul might get good in 2 quaters a head as hul products are vast and majorly used house hold products
Its indicating alert