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Technical Update - Unilever testing key resistance. Likely to break higher confirming uptrend
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Unilever is short-term in a confirmed uptrend (higher highs and higher lows) RSI is above 60 supporting the bullish outlook and the share price is closing in on resistance around €48.
On the weekly chart Unilever sha formed an Ascending triangle like pattern and if closing above 48 it has broken bullish out of it. At the time of writing weekly RSI is back above 60 threshold supporting the bullish outlook.
However, the 200 weekly SMA is providing some resistance. If Unilever trades higher and closes above 41.81 it will further add to the bullish picture. Next resistance is at around 51 and 53.60.
If this scenario plays – that share price closes above 48 the longer-term picture will probably result in Unilever saying goodbye to the falling trendline going back to 2020. A weekly close above 48.81 will confirm medium- and longer-term uptrend.
If Unilever is sent back and closes below €43.90 this medium-term bullish picture is reversed.
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