Potential Long Sector Turnaround - Nifty FMCG
Nifty FMCG has given a healthy correction of ~16% and is trading at a crucial make or break level.
Its following a broadening channel pattern and has reached the bottom level of the megaphone channel, which gives a favorable risk/reward ratio to initiate a position.
It has formed a head & shoulder pattern also, but its trading near the base of a major support level so the probability of this pattern turn around is low, this can potential lead to a trap which might be a favorable condition to initiate a long position, but as its a assumption position to be initiated with a strict SL if H&S pattern gets activated.
Long Position can be initiated in FMCG ETF once we gets a positive close or early entry can be initiated maintaining a strict SL.
Note: This is just for analysis purpose, please do your own research before punching any orders.
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