In monthly time frame stock is in uptrend ,HL structure is intact. Which means
stock is in correction of monthly Time frame
in weekly bullish flag is in formation.
So we will wait for structure change and clear breakout of flag pattern In weekly time frame.
IF BO OF LH SUSTAIN, ONE CAN LOOK FOR BUY ON RETRACEMENT. WITH SL OF LAST LL.
U CAN CHECK FOR...
Wait for the break out or watch for buying opportunities above 17809 . After days for consolidation finally on the verge of breakout
Can put a strict SL on 17534 and breakeven the trade if price touches 18141 and book near 18643. Potentially a good risk to reward trade.
Time frame- 1H NSE:NESTLEIND
Last week we have broke the descending channel and we had a good daily close. that bullish candle is just an impulse so we will wait for some relief or exhaustion. when it finally breaks above the previous lower high creating short term higher high we would look for an buy. Lets see what happens. #One8_Trader