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Possible Bearish Inside Day Candle Pattern Detected for Colgate-Palmoliv (NYSE:CL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Colgate-Palmoliv (NYSE:CL) based on the price action in the company's shares. Today's price range of $72.59 and $72.94 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Colgate-Palmoliv may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. The company operates through two segments, Oral, Personal and Home Care; and Pet Nutrition.

Colgate-Palmoliv share prices have moved between a 52-week high of $76.41 and a 52-week low of $57.41 and are now trading 27% above that low price at $72.73 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Based on a current price of $72.73, Colgate-Palmoliv is currently 1.1% above its average consensus analyst price target of $71.95. The stock should find initial support at its 50-day moving average (MA) of $72.66 and further support at its 200-day MA of $67.47.

SmarTrend is monitoring the recent change of momentum in Colgate-Palmoliv. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Colgate-Palmoliv in search of a potential trend change.

Keywords: bearish inside day candle colgate-palmoliv

Ticker(s): CL