Pennant
Nestle India: Pennant PatternNSE:NESTLEIND is showing a symmetrical triangle (Pennant) pattern.
Here for 29th December'2022 expiry, we can device a safer (chilar) strategy :)
BUY 21000 Call
BUY 19500 Put
SELL 20750 Call
SELL 19500 Put
Margin needed: 65K
Profit: 1200 (chilar profit, but much safe)
Safe below: 20778 (which is well above resistance and Fib 78.6% level.
Also last two days Long Unwinding is saw in this counter.
So mostly rangebound to downside movement in this week.
EaseMyTrip Price Action AnalysisThere is a pennant (symmetrical triangle) pattern formation (blue triangle).
By choosing baseline charting (instead of candlestick or range), you can visualize the swings.
As of now it's hitting the resistance of 403. If it able to break the previous swing high (409 on 04/10) with volume, it can go high (~425).
But see the black dotted line. That's a "prediction" heuristic (no guarantee, it's just a heuristic) where price-action can go.
If it fails to break the upper trend line, then the rang























