Unilever is a multinational consumer goods corporation. Unilever products include food, condiments, ice cream, coffee, cleaning agents, pet food, beauty products, personal care and more. Founded 1919 by the merger of the Dutch margarine producer Margarine Unie and the British soapmaker Lever Brothers, it is headquartered in London, UK. Unilever is a part of FTSE 100, AEX and Eurostoxx 50 indices. Investors can trade it under the tickers $ULVR at LSE, $UNA at Euronext Amsterdam and under $UL at NYSE. Corporation Unilever owns over 400 brands. Among them, the trademarks like Dove, Omo/Persil, Knorr, Lipton, Magnum, Rexona/Degree and others. The company products are present in 190 countries.
The stock price of Unilever is in a permanent rally from the all-time lows. From march 2020 bottom, one can see a new cycle higher. This might be the final push higher within the larger cycle. Once ended, Unilever should pull back against the all-time lows which will provide again an opportunity to join the success story of Unilever stock price action.
In the initial article from October 2021, we have provided with an area where investors can join the rally. As a matter of fact, the price made a dip into 40.36-38.42 area and now it is reacting higher. In current blog, we discuss the price behavior and targets in short-to-medium term.
Unilever Monthly Elliott Wave Analysis 02.20.2023
The monthly chart below shows the Unilever shares $UNA traded at Euronext Amsterdam. From the all-time lows, the stock price is within the larger impulse as wave ((I)). Hereby, Unilever has finished the waves (I)-(III) by printing the all-time high on September 2019 at 57.77. Within the impulsive advance in wave (III), the internals I and III are impulsive waves, too. From the September 2019 highs, a correction lower in wave (IV) has ended on March 2020 at 38.42. From the lows, a new cycle in wave (V) might be in progress and should break to the new all-time highs. The target for wave (V) to end will be 1.236-1.618 multiples of the length of the wave (IV) which is 62.33-69.72 area.
Unilever Weekly Elliott Wave Analysis 02.20.2023
The Weekly chart below shows the $UNA shares price action in more detail. In particular, it demonstrates the first nest consisting of red waves I-II. Also, it shows the first stages of the wave III. From the March 2020 low, a cycle in wave I has unfolded as an impulse. It has ended in November 2020 at 53.66 high. From there, a correction lower in wave II shows a double three structure. First, black wave ((W)) has ended in February 2021 at 43.00 lows. Then, a connector in black wave ((X)) has printed a lower high in June 2021 at 51.05. From there, wave ((Y)) has broken 43.00 lows opening up a bearish sequence. Finally, it has reached the 40.36-38.42 blue box area. There, reaction higher is taking place. Moreover, one can see 5 waves up. This supports the bullish outlook. It is the preferred view that wave II has ended on March 2022 and and the red wave III is in progress.
Investors and traders should stay long $UNA from 40.36-38.42 blue box area targeting 54.55-63.96 area and even higher in the medium-term.
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