Hindustan Unilever is showing signs of bearishness
Reasons/Traits : • Daily Trend far away from 20 EMA • Uptrend is in pause mode • Bearish Harami followed by two shooting stars/inverted hammer formed (Chances of going down) • Since 17 sessions stock did not retrace • Volume is decreasing • RSI and MACD in overbought zone • For a healthy uptrend retracement need to happen
What can happen next : Scenario 1 : If we consider 6th Sep shooting star as retest then price going down below 2757 can take it down to 2660 and then 2600 levels Scenario 2 : Price going up can retest 2825 levels or up before going down to touch EMA 20 around 2655 levels (0.382 fib levels). If it sustains here trend will be up else trend can go down till 0.50 and 0.618 fib levels before going up and any failure here can lead to 1 and 1.237 levels of fib to complete the retracement cycle
2600 level is very crucial, Let’s see..
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Also ADX is at 55 (Very Strong Trend)
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Price consolidating, ready for a break out or break down soon
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came to test 0.5 levels
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taking trend line as support 2600 is still crucial
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