EquityPandit’s Outlook for Colgate Palmoilve for the week (August 24, 2015 – August 28, 2015):
Colgate Palmolive (NSE: COLPAL) closed the week on positive note gaining around 1%.
The stock is moving in the consolidation range of 1960 to 2000 since last 6 days. On 20/08/2015 the stock attempted to move out of this range but could not sustain above the breakout range. If the stock manages to close above the levels of 2000 the stock can move to the levels of 2050 to 2080 where trend-line joining earlier high is positioned.
The stock has formed a Inverted Hammer pattern on weekly charts in downtrend indicating the exhaustion of selling pressure in the stock. If the stock manages to close above the levels of 2035 the stock can move to the levels of 2080.
The stock has the strong support zone in the zone of 1950 to 1960 where 200 Daily SMA and long term trend-line are positioned,
Resistance for the stock lies in the zone of 2010 to 2020 where short term and medium term moving averages are positioned.
Broad range for the stock is seen between 1940 to 1960 on lower end and 2030 to 2050 on upper end.