AdhigamaTrading

Hindustan Unilever is showing signs of bearishness

Short
NSE:HINDUNILVR   HINDUSTAN UNILEVER
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..

Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Comment: Also ADX is at 55 (Very Strong Trend)
Comment: Price consolidating, ready for a break out or break down soon
Comment: came to test 0.5 levels
Comment: taking trend line as support 2600 is still crucial
Comment: scenario 2 followed, will 0.618 give support?
Comment: 0.786 retracement levels broken...
Trade closed: target reached: all targets achieved