Hello People!
HUL has been taking consistent supports from the bottom trendline since 2018. Thus there is a high probability it would act the same way here as well.
But I jumped in a bit earlier and I have solid reasons for that. The first being that HUL has shown a massive bullish candle right at support. So chances of a trend reversal seem high.
The second reason is the solid weekly 50EMA and daily 200EMA support. The stock made a bullish candle right at these crucial averages.
The third reason being that the bullish candle was formed exactly at the 50% Fibo level.
Ideally, I should have waited for a confirmation of a trend reversal. But with Nifty breaching its All-time high and still going strong, there's a high probability that this reversal will be happening. Also, Risk to Reward is too good to ignore this trade.
*STRICTLY NOT A BUY CALL*
HUL has been taking consistent supports from the bottom trendline since 2018. Thus there is a high probability it would act the same way here as well.
But I jumped in a bit earlier and I have solid reasons for that. The first being that HUL has shown a massive bullish candle right at support. So chances of a trend reversal seem high.
The second reason is the solid weekly 50EMA and daily 200EMA support. The stock made a bullish candle right at these crucial averages.
The third reason being that the bullish candle was formed exactly at the 50% Fibo level.
Ideally, I should have waited for a confirmation of a trend reversal. But with Nifty breaching its All-time high and still going strong, there's a high probability that this reversal will be happening. Also, Risk to Reward is too good to ignore this trade.
*STRICTLY NOT A BUY CALL*
Hope you all made decent profits!!