[Defensive] Nestle India - Breaking out of long term parallel ch
Fundamentals
Expensive stock. Hold if already invested.
Technicals
CMP - 2725
Bullish - Above EMA 9, 21,63, 200 on daily charts , RSI(14) is 70
Commentary
As seen in the charts , the stock has been trading in the parallel channel since 2016, except in the recent months where the stock went through the 1:10 split, during which time, it crossed the parallel channel and reached its All time high levels of 2769.
Since the split and given the economic condition, this scrip is a defensive stock and expected to remain resilient. However, given its historical high valuation, its a very risky "NEW" trade.
View :
T1 : Swing above ATH to 2800-2850 levels
T2 : Once it crosses its ATH, hold for swing to 3000
T3 : 3200
Disclosure 1 - Invested
Disclosure 2 - Not SEBI Registered
Disclosure 3 - This is Not investment advice. Treat it as educational
Expensive stock. Hold if already invested.
Technicals
CMP - 2725
Bullish - Above EMA 9, 21,63, 200 on daily charts , RSI(14) is 70
Commentary
As seen in the charts , the stock has been trading in the parallel channel since 2016, except in the recent months where the stock went through the 1:10 split, during which time, it crossed the parallel channel and reached its All time high levels of 2769.
Since the split and given the economic condition, this scrip is a defensive stock and expected to remain resilient. However, given its historical high valuation, its a very risky "NEW" trade.
View :
T1 : Swing above ATH to 2800-2850 levels
T2 : Once it crosses its ATH, hold for swing to 3000
T3 : 3200
Disclosure 1 - Invested
Disclosure 2 - Not SEBI Registered
Disclosure 3 - This is Not investment advice. Treat it as educational
Penafian
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