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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. Yesterday's price range of $67.92 and $68.31 is within the prior day'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.

Over the past year, Colgate-Palmoliv has traded in a range of $57.41 to $72.61 and closed yesterday at $68.30, 19% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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.

There is potential upside of 5.3% for shares of Colgate-Palmoliv based on a current price of $68.30 and an average consensus analyst price target of $71.95. The stock should find initial support at its 50-day moving average (MA) of $65.54 and further support at its 200-day MA of $64.59.

SmarTrend recommended that subscribers consider buying shares of Colgate-Palmoliv on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.02. Since that recommendation, shares of Colgate-Palmoliv have risen 8.8%. We continue to monitor CL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle colgate-palmoliv

Ticker(s): CL