Stock of the day: Unilever

By Tomasz Wisniewski|

Published: July 06 2022, 13:21 GMT+0

Stock of the day: Unilever

Indices are constantly flirting with long-term lows but not all stocks are going down. Sometimes we can spot a nice bullish occasion, which is an interesting exception from the sea of red seen on the market. Today, we have quite the exception, with a bullish set up on Unilever.

The first thing, which probably catches your eye on the weekly chart is this horizontal level at 37 EUR (green). It was an absolutely crucial support in 2018, 2020 and 2021. In 2022 it was broken and for some time, served as a resistance. The price didn’t spend a long time below this resistance though. Unilever formed a flag (red) and by moving inside of this flag, it managed to climb back above the green resistance.

The comeback above the green area is a thing, which sorts out the sentiment here. The whole drop 2022 can be considered a false breakout. False breakouts usually lead to a strong signal in the opposite direction, so in this case to the north. In addition, three weeks ago, the price managed to break the long-term downtrend line (black), which serves as a confirmation for a positive sentiment.

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