EquityPandit’s Outlook for Colgate Palmoilve for the week (October 19, 2015 – October 23, 2015):
Colgate Palmolive (NSE: COLPAL) closed the week on negative note losing around 3.0%.
As we have mentioned last week that support for the stock lies in the zone of 927 where the stock has made a double bottom. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 880 to 900 where channel support for the stock is lying. During the week the stock manages to hit a low of 895 and bounce back to close the week around the levels of 905.
Support for the stock lies in the zone of 885 where channel support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 840 to 850 where 500 Daily SMA and 100 Weekly SMA are positioned.
Resistance for the stock lies in the zone of 930 from where the stock has broken down. If the stock manages to close above this levels then the stock can move to the levels of 950.
Broad range for the stock is seen between 870 to 880 on lower end and 930 to 940 on upper end.