Will COLGATE-PALMOLIVE CO breakout?

COLGATE-PALMOLIVE CO (NYSE:CL) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:CL.

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to CL. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CL is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• CL is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CL is lagging the market slightly.
• When comparing the performance of all stocks over the past year, CL turns out to be only a medium performer in the overall market: it outperformed 41% of all stocks.
• In the last month CL has a been trading in a tight range between 75.50 and 79.44.

Our latest full technical report of CL contains the most current technical analsysis.

How do we evaluate the setup for NYSE:CL?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:CL currently has a 8 as setup rating:

CL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 76.93, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:CL be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.