Hindustan Unilever: Price targets using Elliott wave!
Sep 11, 2024
We published about Hindustan Unilever in August 2024 and predicted a possibility of good returns in the upcoming trading sessions in our Monthly Research report. Check out the research we had published on 22nd August 2024.
Below is the chart which shows a detailed analysis of Hindustan Unilever which helped to derive targets of 2950-3000 using Elliott Wave technique. We recommended this stock when trading near 2780-2790 levels and successfully caught the up move within just 12 trading sessions.
Hindustan Unilever Weekly Chart (Anticipated on 22nd August 2024)
Hindustan Unilever Daily Chart (Anticipated on 22nd August 2024)
Wave Analysis on 22nd July 2024:
FMCG Sector has seen strong rally since 2003. This sector has continued to show strong rise in the month of July 2024. Earlier, Hindustan Unilever was stuck in a broader range. In the previous month, Hindustan Unilever was moving in Triangular pattern and it has already given a breakout of it. Once we have achieved additional breakout confirmation in form of follow up buying then we can expect fresh highs to be made in this stock.
As per wave perspective, stock is moving up by following classic Elliott wave theory. Wherein, wave (4) completed near 2200 levels in April 2024. Now, we are seeing rise in form of wave (5).
On the daily chart, the short-term trend of Hindustan Unilever is on a positive side. It is advisable to buy the stock on dips to achieve a more favourable risk-reward ratio. Prices continued to trade above the Super-trend indicator, which confirms our bullish trend in the underlying. Nearest support to watch out for this stock is near 2600 levels. ADX is trading above 25 with an increase in DI- suggesting increasing positive momentum in the underlying.
In Nutshell, trend for Hindustan Unilever is bullish as the price has closed above the resistance levels 2750 levels. For better risk-reward, it is advisable to buy the stock on dips to achieve a more favourable risk-reward ratio with the targets of 2950-3000 levels, scenario will be invalid if price closes below 2600 levels.
Hindustan Unilever Daily Chart (Happened on 11th September 2024)
Happened: Post recommending this stock, prices moved as expected, stock showed a good rally and achieved our target 1 of 2950 levels. In today’s session prices made a lifetime high of 2950. This up move of more than 8% we have been able to capture with the help of Elliott wave, along with price indicators.
For now, trend remains positive for this stock. One can use buy on dips approach to ride the trend as long as 2820 remains intact on the downside.
TRISHUL Membership – trade using Neo wave along with Options strategy under the TRISHUL Membership. Following is what you get, Fill out the form for more details