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Short

Unilever (UNA) Short

EURONEXT:UNA   UNILEVER DR
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A negative pattern was formed on the weekly graph from October 15 to October 16, which led to a downward slope in the price. This price broke the upward sloping support line giving room to further drops in the price level. I would look for this to continue falling to the long-term support line around 36.5 (around fib 0.5). Unilever have come under pressure recently with a drop in their turnover in EM highlighted in their Q3 results, and I see this to continue to be an issue due FX prices making it more expensive to produce goods, with those costs passed onto consumers.
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