Hindustan Unilever has been consolidating in the form of an ascending triangle for more than a year.
This consolidation is now finally broken. I'l leave it to you to decide entry for this LONG journey!
Head & Shoulder pattern observed in HUL. Candle closing below 1740 has made the pattern valid. Hence, one can take a bearish view with target @ 1635.
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HUL seems to be in a commonly occurring pattern where there's a flat pattern between two major moves. Now that the recent highs are tested, probability is that the price will test the low again and then make a major upward move. My view is that HUL will dip to retest the lows first and then move up. I would look to Buy, after THE dip.
- Previous week ending 5th April was bearish for HUL. Then a green Doji on 8th April showing indecisiveness against the bears. This was followed by bullish candles confirming a trend reversal this week.
- This reversal happened exactly at the long term trendline as shown.
- Stock moved in downward channel for past two months. Finally appearing to...