FMCG has broken out of the channel and retested the previous resistance. MACD and Stochastic RSI are signaling buy. Since it is a festive season FMCG sales will rise. HINDUNILVR ITC and NESTLEIND charts look good, have them in your watchlist.
Pharma sector is already much oversold but it doesn't mean that it can reverse from here tomorrow only, so whoever knows reversal trading those only please try to trade on this chart.
As one can see at the D point of harmonic pattern there is a dashed line that is called harmonic PRZ even below that there is one line with a caption like closing...
As one can Dabur can touch that Harmonic PRZ so one can long till those PRZ levels and if find reversal there at that time if one know how to trade on reversal then can short from those levels.
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Tata consumer stock is at bearish harmonic PRZ. In simple language the stock is at resistant.
as per this harmonic pattern stop loss is quite big as mentioned on chart.
Reversal Zone = 741.80 to 772 ( if one can find reversal in this zone they can short this stock as per their trade setup.)
Stop loss = 772 Closing Basis ( if you...
There is a buildup near the resistance and that signifies a possible breakout and continuation of up-trend.
The volumes during the consolidation are also low and the stock has been making a higher lows structure in form of an ascending triangle.
Strong above 718-20,target is 2-2.5%
View is invalid if price breaks the triangle on the lower side.
Support at 695-700.
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 .
I have tried to put notes on the chart basis current setup developing in Nifty FMCG and upcoming directional move. Looking at RSI and current move we could see more downside though Nifty FMCG is strong sector therefore it may follow cup and handle pattern before breaking out consolidation zone. Breakout in any directional will lead to a big move, though recent...
one can short till prz or until get reversal for long. and ones find reversal at or just below PRZ one can long as well.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI...