It is been observed that the price action on hourly chart breaks out from the consolidation and now closes below 838 levels of support, indicating further downside move. It has also retraced back to the breakout levels to confirm previous support as resistance, indicating further selling pressure in the price action.
Its seems like a base has been formed in HUL..Double bottom along with a lower low in RSI and a bullish engulfing candlestick pattern..Stoploss 837 targets 858(first major resistance) second target 869(200 DMA) and above that 880..if results good on 26th it can move up above the 200DMA
It is been observed on the daily chart, that the price action breaks out from the crucial support levels of 860 indicating further weakness ahead. It is also observed that the price action also breaks out from a long prevailing uptrending channel indicating a massive selloff. It shall further takes the price action down.
It is been observed that the price action is trending in an upward channel in which the price action is respecting resistance and support levels. For instance, at 560 levels where the support was established, the price action bounces back after touching the support where the buying pressure was seen again. This indicates short term trend change that can take the...