Leading consumer goods stock, Unilever PLC (UL), has been pulling back recently. The stock traded as high as $63.45 on November 11th, 2020. Since that high pivot, the stock has steadily declined and is now trading at $57.71 a share. Traders should note that the stock has now broken below its important 50-day moving average. This is signaling near term weakness and likely lower share prices ahead.
The next key support level for Unilever PLC (UL) will be around the $52.00 level. This important support area is where the stock broke out of a weekly chart consolidation base in late may 2020. Often, when stocks test prior breakout levels they will be defended by the institutional crowd. This major support level is also an important retrace level adding even more conviction for institutional sponsorship. I will be a buyer of Unilever PLC (UL) at this level.
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