Leading consumer goods stock, Unilever PLC (UL), has been pulling back recently. The stock traded as high as $58.21 a share on June 19, 2020. Today, the stock is trading around $54.65 a share. Unilever stock is also trading below it’s important 200-day moving average. Traders and investors should note that the stock has a very important gap fill window around the $52.00 level. This gap comes from May 27, 2020 when the stock reversed sharply higher after a gap lower open. Generally, when a stock backtests a strong reversal level it will be defended by the institutional crowd. This is a level where I would likely participate in a long side trade in Unilever shares.
The upside target for Unilever shares would be around the $60.00 level. This resistance area is where the stock has another gap from February 21, 2020. This gap window should serve as very good resistance when reached.
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