EquityPandit’s Outlook for Colgate Palmoilve for the week (August 17, 2015 – August 21, 2015):

COLGATE PALMOLIVE:

Colgate Palmolive (NSE: COLPAL) closed the week on negative note losing around 3%.

As we have mentioned last week that the stock has formed a Shooting Star pattern on daily chart in an uptrend indicating the trend reversal. The stock has to close above the levels of 2056 to negate this pattern and the stock was not able to close above 2056 and sold off to the levels of 1975.

The stock has formed a Bearish engulfing pattern on weekly charts indicating the trend reversal in an uptrend. The stock has to close above the levels of 2056 to negate this pattern.

The stock is approaching towards the strong support zone of 1950 to 1960 where 200 Daily SMA and long term trend-line are positioned,

Resistance for the stock lies in the zone of 2010 to 2020 where short term and medium term moving averages are positioned.

Broad range for the stock is seen between 1940 to 1960 on lower end and 2030 to 2050 on upper end.