Leading consumer goods company, Unilever PLC (UL), is falling again today. The stocks topped out on June 16th, 2021 at $61.81 a share. Since that pivot top, the shares have been coming under selling pressure and now trade at $55.74 a share. Last week, the consumer goods giant reported earnings that failed to impress Wall Street. The stock now trades below its 50 and 200-day moving averages. This puts Unilever PLC (UL) stock in a weak technical position on the charts in the near term and often signals lower share prices ahead.
Traders and investors should watch for excellent chart support around the $52.00 level. This support area is where the stock was defended in late February 2021. Often, stocks will find strong support when they retest prior support levels. This support area is also where the stock broke out in late May 2020 adding strength to the support area. I will look to be a buyer of Unilever around the $52.00 level soon.
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