Unilever Stock on NGX: Technical Analysis and Forecast
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.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.