Short term view - NESTLE : Support reintegrated
The trend has been momentarily interrupted by a correction. It approaches the support at CHF 74.50, which also is the invalidation level. It should cause a bounce and resume the bullish trend. The next target is at CHF 79.60. The invalidation level is below CHF 74.50.Arguments :
- The support has been shortly breached, but it is now reinstated. Prices can bounce.
- The resistance has been shortly breached, but it is now reinstated. Prices can fall.
- The MACD is falling.
- The moving average is supporting prices.
Nestle is a holding company which is based in Switzerland. Through its subsidiaries and allied companies, Co. is engaged in the food processing industry. Co.'s product portfolio has seven categories, Powder and Liquid Beverages, Nutritional and Health Science, Milk products and ice cream, Prepared dishes and cooking aids, PetCare, Confectionery and Water.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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