EquityPandit’s Outlook for Colgate Palmolive for the week (March 20, 2017 – March 24, 2017) :

COLGATE PALMOLIVE:

Colgate Palmolive closed the week on positive note gaining around 4.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 940 to 950 where the stock has formed a top in December-2016 and Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 970 to 980 where Fibonacci level is lying. During the week the stock manages to hit a high of 996 and close the week around the levels of 989.

Support for the stock lies in the zone of 970 to 975 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 945 to 950 from where the stock broke out after consolidation..

Minor resistance for the stock lies in the zone of 1000 to 1010. Resistance for the stock lies in the zone of 1020 to 1030 where the stock has formed a double top pattern in the month of August-2016 and November-2016.

Broad range for the stock is seen between 940 to 950 on downside & 1030 to 1040 on upside.