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Possible Bullish Inside Day Candle Pattern Detected for Colgate-Palmolive (NYSE:CL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Colgate-Palmolive (NYSE:CL) based on the price action in the company's shares. Yesterday's price range of $70.06 and $70.69 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. Traders and investors interested in shares of Colgate-Palmolive may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Colgate-Palmolive have traded between a low of $50.84 and a high of $75.38 and closed yesterday at $70.54, which is 39% above that low price. 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.

Based on a current price of $70.54, Colgate-Palmolive is currently 1.2% above its average consensus analyst price target of $69.69. The stock should find initial support at its 50-day moving average (MA) of $69.74 and further support at its 200-day MA of $66.65.

SmarTrend is tracking the current trend status for Colgate-Palmolive and will alert subscribers who have CL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Colgate-Palmolive

Ticker(s): CL