Technical Update - Unilever short-term uptrend could lead to longer-term bullish outlook and new highs
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Market liked the earnings announcement earlier this morning from Unilever sending the share price higher. The share is already moving in a rising channel and is likely to continue higher short term.
On the medium-term (weekly)chart Unilever is testing the upper falling (black) trendline. If it can close above the trendline and above 47.93, plus if RSI closes above 60 threshold, Unilever has established a medium-term uptrend with potential to test previous highs. Some resistance around 51 and 53.60. If that scenario plays out Unilever has likely established a longer-term uptrend. See monthly chart
To demolish this medium to longer-term bullish outlook Unilever needs to drop below 41. First indication of that scenario to play out is a daily close below 43.95
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