EquityPandit’s Outlook for Colgate Palmoilve for week (August 10, 2015 – August 14, 2015):
Colgate Palmolive (NSE: COLPAL) closed the week on positive note gaining around 3%.
During the first half of the week the stock consolidated in the range of 1975 to 2015. The stock broke out of the range on 06/08/2015 and gained more than 3%.
The stock has formed a Shooting Star pattern on daily chart in an uptrend indicating the trend reversal. The stock has to close above the levels of 2056 to negate this pattern. If the stock manages to close above the levels of 2056 the stock can move to the levels of 2090.
Support for the stock lies in the range of 2000 to 2030 where short term moving averages are positioned.
Resistance for the stock lies in the zone of 2060 to 2080 where trend-line resistance is positioned.
Broad range for the stock is seen between 1980 to 2000 on lower end and 2070 to 2090 on upper end.