Technical Analysis Snap: Unilever tests the highs as profits slip

6th Aug 2009 11:47

Food and household goods giant Unilever posted a drop in earnings as consumers cut back on branded products. The group's pre-tax profits have slipped by over 10% to €1.20bn, but it has been seeing growth in sales volumes.The share price managed to rally as the market seems able to shrug off negative news breaking above a weak trend line yesterday. The share price is starting to approach a key resistance zone with key resistance at the 2009 highs at 1,687p.There is also a key Fibonacci resistance slightly below this level at 1,671.58p. This level is the 61.8% retracement of the share price decline from the highs at 1,947p to the March lows at 1,226p.For the move to continue to push higher the share price needs to stay above the May highs around 1,535p.For periodic TA updates follow me on TwitterAlso read my Investors Guide to Technical Analysis and Level 2