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.
Target: 839
Stoploss: 888
Reccomend strongly to buy HUL for medium term becoz ---
1. Poised well at lower band of rising channel
2. completed 61.8% retracement
3. pick up in volume at lower band of channel
4. RSI also rising
5. Most importantly good mansoon & pay commission implementation will increase demand of FMCG produts
6. Good risk to reward ratio.
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...
