Hindustan Unilever long opportunity

15 May 2022

HINDUNILVR
Stock -> Hindustan Unilever

TimeFrame -> Weekly

Hello all!

Hindustan Unilever has corrected about 40% from its highs in September 2021. The stock has been in a downtrend since then and has been taking stiff resistance from trendline 1. It approached its strong support band of 1850-2000 and took a strong bounce from there with good volumes and also broke trendline 1. The retest of the trendline has been done and its followed by a bullish candle. This thus makes for a good opportunity to go long.

Apart from the price action, the stock also seems to be taking support from its 200 weekly EMA. Also the bounce has come from the 50% fib level which further strengthens the conviction on going long.