Shares of Hindustan Unilever Ltd has been on bull across this week’s trading session as many brokerage houses and Analysts have predicted positive Q4 results. The scrip reached an intra-day high of 1498.60 in NSE and closed for the day at 1491.25 with 2.20% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 53 to 80 as the signal line moves well inside overbought region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in charts of all time frame supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 1385.42 & 1503.98 respectively.