Possible trend reversal in HINDUNILVR

Bullishly Updated   

HINDUNILVR has been in a continuous downtrend since 28th January since it broke its 50 EMA with huge volumes.
A clear bearish trendline can be seen which was formed over a period of almost one month.

On the 4 hour chart, a clean bullish divergence was formed between 18th to 26th February at a very long term support trendline.
From 1st to 6th March despite the heavy volatility in the market, the price has continuously moved up towards the bearish trendline and its 50 EMA .

So, a possible trend reversal may take place if the stock breaks the bearish trendline and closes strongly above its 50 EMA with good volumes.

Keep an eye on this for coming time as the stock is very strong above 2240 (50 EMA on daily timeframe ) levels.

Thanks and Regards,

Stock has formed an Inverse Head and shoulders pattern after reversing from 2160 levels on 1 hour timeframe.
2160 is also exactly at .618 Fibonacci retracement levels

More chances of reversal as the move is supported by large volumes.
Big move with huge volumes.

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