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Possible Bullish Inside Day Candle Pattern Detected for Unilever (NYSE:UL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Unilever (NYSE:UL) based on the price action in the company's shares. Today's price range of $39.75 and $39.92 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Unilever may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Unilever has overhead space with shares priced $39.81, or 18.8% below the average consensus analyst price target of $49.00. The stock should find initial resistance at its 200-day moving average (MA) of $43.31 and further resistance at its 50-day MA of $45.08.

Unilever share prices have moved between a 52-week high of $48.97 and a 52-week low of $38.60 and are now trading 3% above that low price at $39.81 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products.

SmarTrend recommended that its subscribers protect gains by selling shares of Unilever on October 12th, 2016 by issuing a Downtrend alert when the shares were trading at $45.42. Since that call, shares of Unilever have fallen 11.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Unilever

Ticker(s): UL