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 .
If you like this analysis of Stock give a Like...
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
nestle india is making a flag pattern (falling wedge)
we can enter in this after this breakout
second thing is this stock is in uptrend on higher timeframe keep watch and buy it buy putting a stoploss and by managing your risk reward.
Nestle has formed strong bearish pattern on weekly chart which is sign of sellers are gaining control of trend. If Nestle breaks the 10600 levels then it can reach to 10000-9800 levels which 200 EMA support.