Unilever stock on the NGX reached its all-time low of ₦10 around March 30, 2020, during the global market downturn. From March 2020 to November 4, 2024, it traded in a range between ₦10 and ₦20, consolidating within this zone.
On November 4, 2024, the stock broke out of the ₦10-₦20 range, signalling the start of a bullish rally that has since propelled the price upward.
Currently, the stock has completed a 50% retracement from its last highest point, a significant level often observed in technical analysis. Additionally, its present price is at the FIB 50 level, a key resistance zone that could determine the continuation or reversal of the upward trend.
Traders should closely monitor ₦40, as it represents a significant psychological and technical level to watch for further price action.
Forecast:
If the price breaks above FIB 50, it may continue its rally toward the ₦40 zone.
A rejection at FIB 50 could result in a pullback to test lower support levels.
On November 4, 2024, the stock broke out of the ₦10-₦20 range, signalling the start of a bullish rally that has since propelled the price upward.
Currently, the stock has completed a 50% retracement from its last highest point, a significant level often observed in technical analysis. Additionally, its present price is at the FIB 50 level, a key resistance zone that could determine the continuation or reversal of the upward trend.
Traders should closely monitor ₦40, as it represents a significant psychological and technical level to watch for further price action.
Forecast:
If the price breaks above FIB 50, it may continue its rally toward the ₦40 zone.
A rejection at FIB 50 could result in a pullback to test lower support levels.
Ghi chú
This asset is almost at the resistance descending trendline.Watch out for this zone
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.