EXPLANATION : This is a 1 hour time frame chart of NESTLEIND . It has formed Head & Shoulder pattern // Triple Top pattern , If give a strong breakout and broke its demand zone with high volumes and retest the same , I am bearish on NESTLEIND . If taking support from demand zone trade with multiple confirmations .
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NESTLEIND broke out from its year long resistance on the Daily chart and has successfully pulled back and the bullish action has resumed. Odds are in favor of the stock moving further upward toward the 6.854 Fib zone of 22850.
Note: This is for educational purpose only. Please do not trade in F&O.
There seems to be an ascending triangle formation with small build up near resistance. RSI above 60 indicates bullish momentum.
SL: ₹ 17300
It looks life NESTLE is about to breakout and thus push to higher levels. Consider a long position keeping the following levels in mind:
LONG ABOVE: 18290
STOP LOSS: 18130
TARGET 1: 18450
TARGET 2: 18610
Buy- Above 17900
SL - 17600
Target - 18520 19215
Note:- I am not SEBI registered . All Views and trade setups are my personal view and my personal trade setup.
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NSE:CNXFMCG had formed a triangle and has given breakout now.
The Restest of an important level has been done so we can expect the index to go up.
Keep eyes on NSE:ITC , NSE:NESTLEIND , and NSE:JUBLFOOD .
Stock has made a bullish candle on daily breaking the Trendline.
Looks good above 17525 for targets of 17650, 17700 and 17750
P.S. Stock might re-test TL before again moving up, keep in radar for next few sessions