EquityPandit’s Outlook for Colgate Palmolive for the week (May 21, 2018 – May 25, 2018) :
Colgate Palmolive closed the week on positive note gaining around 10.20%.
As we have mentioned last week, that resistance for the stock lies in the zone of 1130 to 1140 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 1170 to 1180 where the stock has formed a top in the month of January-2018. During the week the stock manages to hit a high of 1226 and close the week around the levels of 1222.
Support for the stock lies in the zone of 1180 to 1190 from where the stock broke out of September-2017 and January-2018 highs. If the stock manages to close below these levels then the stock can drift to the levels of 1140 to 1150 from where the stock broke out.
The stock is trading at life time high so virtually no resistance is visible. Resistance for the stock lies in the zone of 1230 to 1240.
Broad range for the stock is seen between 1180 to 1190 on downside & 1250 to 1260 on upside.