Hindustan Unilever continued uptrend for fifth consecutive and ended at fresh record closing high on August 23.Security jumped 14.75 points or 0.56 percent to 2634.15.
FMCG giant Hindustan Unilever have given a good breakout from
their key pattern.The stock has been trading in a tight upward channel range for about 2 years (Sept 2019) and has now finally broken out from that range with strong candle.Technically this pattern indicates long term bullish in the market. If the market sustains above the level of 2640, the market expects to gain momentum, leading to an upside projection till 2800 - 2850 level while on the downside support is intact at 2600 .
Momentum indicators like RSI and MACD will stay positive and market breadth will improve, further strengthening.
FMCG giant Hindustan Unilever have given a good breakout from
their key pattern.The stock has been trading in a tight upward channel range for about 2 years (Sept 2019) and has now finally broken out from that range with strong candle.Technically this pattern indicates long term bullish in the market. If the market sustains above the level of 2640, the market expects to gain momentum, leading to an upside projection till 2800 - 2850 level while on the downside support is intact at 2600 .
Momentum indicators like RSI and MACD will stay positive and market breadth will improve, further strengthening.