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

By Shiri Gupta

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. Today's price range of $74.21 and $74.81 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. 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.

Based on a current price of $74.65, Colgate-Palmolive is currently 6.6% 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.

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.

In the past 52 weeks, shares of Colgate-Palmolive have traded between a low of $50.84 and a high of $75.34 and are now at $74.65, which is 47% 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%.

SmarTrend recommended that subscribers consider buying shares of Colgate-Palmolive on March 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.94. Since that recommendation, shares of Colgate-Palmolive have risen 9.0%. We continue to monitor CL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Colgate-Palmolive

Ticker(s): CL