lotwalajanak

Cup & Handle - Attempt#2 - Nestle - TGT 18600 - 19700

Long
NSE:NESTLEIND   NESTLE INDIA
Nestle is showing 3 Bullish Indicators:

1 - Cup & Handle breakout 2nd time over 17500 - 17600, which is the neckline
2 - RSI > 60, beginning to show strength
3 - Overturn on MACD again and quick crossover of MACD line over Signal Line, indicating +ive divergence of moving averages.
4. High Volume spurt seen and highlighted in chart. Recovery from 17000 level on the same day. Show lower price rejection

Coming to takeaways:
1. Basis Cup & Handle breakout, TGT 1st TGT should be 18600 in approx 30 session to 19700 maximum.
2. SL should be Low of highest volume day seen recently which is 17000 and it is also the 1/2 of neckline.

Disclosure -
1. Consult your advisor before making any calls. This blog is for educational and back testing purpose only.
Trade closed: target reached: Target Achieved