Stock of the day: Unilever
14 February 2023
A quick update about Unilever for you. We previously analyzed it on January 24 and back then, the price was showing some positive signs and we highlighted the possibility of a major buy signal. This is how we concluded the previous piece:
“How to trade this setup? Well, a price rising and breaking the upper line of the flag will be a proper signal to buy and a price breaking the red up trendline will be a signal to go short. Currently, the first option seems slightly more probable.”
You can see that after days and days of waiting, we finally got a decisive strike from the buyers. Yesterday’s candle is extremely bullish and confirms the bounce of the key supports mentioned in the previous piece. It also breaks the upper line of the flag and the resistance on 46.8. All this allows us to think that the new bullish wave has started and in the next few weeks and months, Unilever should be trading higher.