Hindustan Unilever Ltd. Technical Chart | 04-Nov-2011

Here is a technical chart of Hindustan Unilever (HUL) on Ichimoku indicator. The stock is listed on Indian Stock exchange.




















The stock have bullish breakout on 24-Oct-2011 at Rs.336.90. From there it started its upward journey making a high of about Rs.393 in just few trading sessions. But if you observe the chart carefully, although the price is rising, the kijun-sen line if flat. That’s not good. Whenever the kijun-sen line is flat, it will always attract the price. So, one can expect the correction in this stock now with a target of Rs.356.20. The expected price movement has been drawn on chart with blue pencil. Watch this level carefully.

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