HINDUNILVR
The stock is retesting is previous crucial resistance levels and indicating a bullish biased positive setup. The key points supporting my analysis are as follows:
-> The resistance level has been tested multiple times...hence has become weak and leaves a good probabality of upside breakout.
-> After not sustaining at 2200/2300 levels due to outbreak of COVID-19, sellers brought it down but not much, and immediately after a short
correction buyers barged in with massive volumes and dragged it towards a new all time high of 2600, profit booking and retracement has
pulled it down again but not too much and once again it is back on the track - rally carrried on by bulls.
-> A good buyers consolidation (price action confirms it all) can be seen at resistance levels which confirms institutions buying at this level.
My view: Positive for a short term view once it breaks 2200 levels with good volumes
Short term target: 2250
Mid term target: 2300-2400 -2500
Long term target: 2600+
PS: Trade with caution or wait for some more price action.
Diclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!
Hope you all made money.
This is the advantage of plain, simple but powerful analysis.
Keep it simple and practice.
Happy trading1