Firstly Nestle gave a breakout above the 200 SMA with excellent volumes.
then it saw some consolidation confirmed by subsequent lower volumes.
Then there was a pullback right till the 200 SMA from where it has bounced back.
It is also forming a flag pattern & now it broke out of the flag with decent volumes.
Coincidentally, it is also breaking out of the trendline (blue in colour).
So if it sustains above 17500 for 15 mins, then it has the potential to move 4-5% intraday.
Buy > 17500
Target: 18370
SL: The blue colored trendline.
then it saw some consolidation confirmed by subsequent lower volumes.
Then there was a pullback right till the 200 SMA from where it has bounced back.
It is also forming a flag pattern & now it broke out of the flag with decent volumes.
Coincidentally, it is also breaking out of the trendline (blue in colour).
So if it sustains above 17500 for 15 mins, then it has the potential to move 4-5% intraday.
Buy > 17500
Target: 18370
SL: The blue colored trendline.
Trade active:
One can keep adding little quantities.
Trade closed: target reached:
On 10 Dec.
