Nestle India: 3 Drive Bullish Reversal with RSI Divergence!

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Observations:

1. Support Zone:
  • Price is trading at a significant horizontal support zone around ₹2,160–₹2,200.
  • Historical price action shows multiple instances of price respecting this level as strong demand.


2. Three-Drive Accumulation Pattern:
  • A clear "Three Drive" pattern is visible, indicating accumulation at this support level.
  • This pattern often precedes a bullish reversal.


3. RSI Divergence:
  • Bullish divergence on the RSI: Price made lower lows while RSI made higher lows, indicating a weakening bearish momentum.


Confirmation:
  • Monitor price action for bullish candlestick patterns or a significant increase in volume on breakout.


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