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TRADE SETUP ALERT 06/08/2021

Breakout from Consolidation (Sharecode BN)

Danone has completed two classical charting patterns over the past 12-months with the bottom signified by a complex inverted head and shoulders followed by a 5-month period of consolidation ( rectangle ). The current breakout sees a target of at least 65 with a likely bullish trend to be established over the coming months. The current pullback to 62 following the initial breakout offers a good risk to reward setup with stops to be considered just below the breakout level at 60