After giving breakout of this trendline currently it is testing the strength of the support line. so as we know that the FMCG sector had not gave any movement in last few months and if market turn negative then FMCG is the sector where money can flow so expecting it to give upside move.
After a long fall, when we apply Fibonacci retracement from the high to the low, it shows a 0.5 retracement, and the fall continues. Moreover, the previous lower low has been breached by the present candle. I am confident that this downward trend will persist on February 29th, 2024. Yes, I am aware it's a Thursday. Additionally, the NESTLEIND FMCG index also...
NESTLE INDIA is an interesting chart with following
1. RSI on all time frames above 60
2. Price forming ABCD pattern on weekly chart
3. can be a good buy on dips with Support near 2400 zone and resistance at 2780
4. Price making higher highs for last three days
5. Stock outperforming sectoral index on both 1 week and 3 months
6. Narrowing Bollinger...
NSE:NESTLEIND
#NESTLEIND : Fib retracement of 50% around 2450.
down bottom on hourly on 07-02-2024, with rising RSI.
short term play.
Next move above 2525.
SL : 2450
On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early...
On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early...
NESTLEIND - Watch out for a good breakdown/ shorting opportunity in 1D timeframe.
A few points to note:
1. There is a weekly reversal sign (bearish - Evening star pattern)
2. The stock is below 50DMA
3. Ascending wedge pattern - Usually is a bearish sign.
4. Overall on a higher timeframe, the stock is rallying - hence it is wise to be cautious and have a hedge.
Disclaimer:- This is not A BUY OR SELL recommendation. please Consult with your financial advisor or with broker before taking any trade,
this post is for educational purpose only . warning :- do not jump directly or do not copy my trades
DO your analysis properly
