EquityPandit’s Outlook for Colgate Palmoilve for the week (February 08, 2016 – February 12, 2016):
Colgate Palmolive closed the week on negative note losing around 0.70%.
As we have mentioned last week that support for the stock lies in the zone of 850 to 860 where channel support for the stock is lying. During the week the stock manages to hit a low of 825 and bounce to close the week around the levels of 852.
Support for the stock lies in the zone of 825 where the stock has formed a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 800.
Resistance for the stock lies in the zone of 880 to 890 where 500 Daily SMA 100 Weekly SMA is lying. If the stock closes above this levels then the stock can move to the levels of 900 from where the stock has broken down from the double bottom pattern.
Broad range for the stock is seen between 825 to 830 on lower end and 880 to 890 on upper end.