Hindustan Unilever could not hold the higher price

Hindustan Unilever is reversing the trend in the daily three line break chart. After making the low of 781, the stock rallied to 816 but it could not sustain the higher price. Now (Oct 16, 2015 10:22) the stock is trading @788 down by half a percentage.

The pattern seems more of Dead Cat Bounce. The stock went down from 940 to 781 and made small bounce till 816 and reversing again. Breaking below the previous low may open up more downside.

Hindustan Unilever could not hold higher price in the three line chart.
Hindustan Unilever could not hold higher price in the three line chart.

Muthuraj Paulraj

Passionate about investing and trading in Options.