Nestle : Key resistance at 113.2

Graphic of trading data chart
Nestle, the food and drink processing conglomerate, reported that 9-month revenue dropped 9.4% on year (+3.5% organic growth) to 61.91 billion Swiss franc. The company said it expects full-year organic revenue growth of around 3% and underlying EPS in constant currency is anticipated to increase.

From a technical point of view, the stock price has entered into a consolidation phase below the key resistance at 113.2CHF. Prices are escaping from an upward-sloping channel in place since April 2020, calling for a continuation of the down move. As long as 113.2CHF is resistance, a price pullback to the support zone 101 – 99.8CHF is likely. Only a push above 113.2CHF would reinstate a bullish bias and would deliver buying opportunities.

Source: GAIN Capital, TradingView

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