Unilever PLC hit a bottom at $44. Should you take a position now?

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Unilever PLC (LON:ULVR) has been declining on news of exiting the Russian market. A protest against Unilever by shareholders who wanted the company to provide information about key food products has also been of concern.

Unilever responded by promising to report the data; hence that problem is now resolved. However, it created an opportunity for investors to take a position in the stock.

Unilever gathering bullish momentum at the bottom price of $44.47

Source – TradingView

At a price of $44.47, Unilever is trading at a significant support level. The bottom is aligned to RSI of 29.29, signaling that the stock is oversold and it is now a good time to buy. The RSI has already turned bullish, indicating the building momentum for the stock.

Looking at the MACD, the stock appears to have hit the maximum divergence level. The MACD line is building momentum for an upward pattern even though it is below the signal line and the oscillator.

A study of the MACD trend shows that the stock is on its way for a bullish move. The upside is projected to proceed up to $60, which is slightly above MA 200 currently at $56.59.

Summary

Unilever is trading at a significant bottom. The stock is already priced for the market turbulence due to the war in Ukraine. The share price is building momentum for a bullish pattern. Already, a confluence of several signals points to a higher price. Therefore, Unilever is a strong buy at the current price.

The post Unilever PLC hit a bottom at $44. Should you take a position now? appeared first on Invezz.

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