Exploring COLGATE-PALMOLIVE CO's Technical Signals and Breakout Potential.

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.

Deciphering the Technical Picture of NYSE:CL

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.

Taking everything into account, CL scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, CL has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, CL did better than 73% of all other stocks. On top of that, CL also shows a nice and consistent pattern of rising prices.
• CL is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• CL is part of the Household Products industry. There are 12 other stocks in this industry, CL did better than 63% of them.
• In the last month CL has a been trading in a tight range between 85.64 and 89.36.

Check the latest full technical report of CL for a complete technical analysis.

How does the Setup look for NYSE:CL

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:CL exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, CL also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 88.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 88.51, 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?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found 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.