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

By David Diaz

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 $60.76 and $61.10 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-Palmoliv (NYSE:CL) has potential upside of 18.0% based on a current price of $60.97 and analysts' consensus price target of $71.95. The stock should find initial resistance at its 50-day moving average (MA) of $64.86 and further resistance at its 200-day MA of $66.59.

In the past 52 weeks, shares of Colgate-Palmoliv have traded between a low of $57.41 and a high of $77.91 and are now at $60.97, which is 6% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.6%.

Colgate-Palmolive Company is a consumer products company that markets its products throughout the world. The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs.

SmarTrend recommended that its subscribers protect gains by selling shares of Colgate-Palmoliv on October 4th, 2018 by issuing a Downtrend alert when the shares were trading at $64.99. Since that call, shares of Colgate-Palmoliv have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle colgate-palmoliv

Ticker(s): CL