EquityPandit’s Outlook for Colgate Palmoilve for the week (December 21, 2015 – December 24, 2015):
Colgate Palmolive (NSE: COLPAL) closed the week on positive note gaining around 1.70%.
As we have mentioned last week that resistance for the stock lies in the zone of 990 where 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels 1000 where upper end of the downward sloping channel is positioned. During the week the stock manages to hit a high of 1009 and close the week around the levels of 992.
The stock has closed around the strong support zone of 990 where trend-line joining earlier highs and 200 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 950 to 960 where 100 Daily SMA is positioned.
Resistance for the stock lies in the zone of 1010 where upper end of the downward sloping channel is positioned. If the stock manages to close above this levels then the stock can move to the levels of 1050.
Broad range for the stock is seen between 950 to 960 on lower end and 1010 to 1030 on upper end.