Nifty FMCG - Price Action Indicates Robust Growth

14 de jul. de 2024

• The chart clearly indicates that the index is experiencing a robust uptrend.
  
• Earlier, the price formed a bullish Pole & Flag pattern and surged upwards after breaking out.
  
• The index encountered a strong rejection near the 58,000 level, leading to a correction and deep consolidation.
  
• Despite attempting to surpass the resistance level, the price failed.
  
• Following a recent breakout, the price has successfully maintained its position above the breakout level, signalling a positive trend.
  
• Additionally, the current RSI is above 60, indicating the strength of the index.