HUL - Bounced From Cluster Support

HUL (CMP:589.75) - is displaying a positive outlook on the daily chart. The stock is trading above 200 Day EMA which indicates medium trend is up. The stock has tested cluster trend line support level and bounced back as well as falling wedge pattern break out has been witnessed with strong bullish candle which indicates bullish on the cards. Now the stock is heading towards 615 - 635  - 645 levels which is 38.2% - 50% - 61.8% retracement level of 685 to 568.8 levels. The strong support level placed at 567. On the daily chart RSI shows multiple leg of positive divergence which signs bullish reversal.

Recommendation: Traders can buy at CMP or buy on dips to 587 – 583 levels with a stop loss of 567 (Closing basis) for target of 615 - 635 - 645 levels.