Post breakout at 18 month’s long resistance, Now In Monthly TF; NESTLEIND is heading for a retracement towards the breakout level which gives it a bullish indicative after it takes support at those levels.
Major Fibonacci support levels: 17803.95 ~ 18339.60
In the Weekly TF; A series of price movements can be observed that graphically form the shape of a “U”.
Also It can be observed that; The down ward move started at the Potential Reversal Zone of Harmonic pattern. Now that the short side target’s will soon be hit. It shall take a bounce from those levels.
The overall setup looks quite interesting and bullish.
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