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Hindustan Unilever Technical Analysis suggest that HUL stock is trading near a crucial level that will decide the future direction of the stock. On price action strategy, this stock is forming 3 different patterns i.e.
(a) Hindustan Unilever trade in a channel and currently it is trading near the bottom line of this channel. It is expected that this stock will bounce back.
(b) HUL is also forming an ascending triangle pattern and it is a bullish pattern.
(c) A bearish price action pattern of double top or M is also formed.Fibonacci Retracement suggests that Hindustan Unilever share is trading near 50% retracement level and in the past, this level is a crucial reversal point for the continuation of the existing bullish trend.
Hindustan Unilever Technical Analysis also highlight that this stock is normally high delivery % stocks as FMCG sector is considered as defensive and best suited for investment by the investors.
HUL is trading near its 200 periods exponential moving average on the daily chart and if it breaks this level then it will be in a downtrend.
The option chain analysis suggests a bearish outlook in the short term. Therefore, an investor should wait till the Hindustan Unilever Technical Analysis suggest a clear buy or sell signal.
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