Hindustan Unilever opened the session with a gap-up accompanied by above-average volume, signaling strong buying interest right from the start. While the stock saw some early profit-booking, it quickly regained momentum and is currently trading near the day’s high—an encouraging sign of sustained demand.
Weekly Chart: The formation of a large bullish candle this week suggests aggressive buying and a potential shift in sentiment. This pattern indicates that the bullish momentum is likely to continue into the coming week.
Daily Chart: The stock has successfully broken out above multiple resistance levels, confirming a bullish breakout structure. The breakout is backed by volume, adding credibility to the move.
Trading Strategy:
Given the alignment of bullish signals on both the daily and weekly timeframes, a swing long position is warranted for the upcoming week. Traders may consider the following approach:
Entry: On a minor intraday pullback or a break above the current day’s high for confirmation
Stop-loss: Below the breakout level or this week’s low
Target: Next key resistance or a measured move based on the breakout range[2750 - 2800], approximately 10% from current levels
The technical setup reflects strong bullish momentum and suggests further upside potential in the near term.
Weekly Chart: The formation of a large bullish candle this week suggests aggressive buying and a potential shift in sentiment. This pattern indicates that the bullish momentum is likely to continue into the coming week.
Daily Chart: The stock has successfully broken out above multiple resistance levels, confirming a bullish breakout structure. The breakout is backed by volume, adding credibility to the move.
Trading Strategy:
Given the alignment of bullish signals on both the daily and weekly timeframes, a swing long position is warranted for the upcoming week. Traders may consider the following approach:
Entry: On a minor intraday pullback or a break above the current day’s high for confirmation
Stop-loss: Below the breakout level or this week’s low
Target: Next key resistance or a measured move based on the breakout range[2750 - 2800], approximately 10% from current levels
The technical setup reflects strong bullish momentum and suggests further upside potential in the near term.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.