The grinding down has stopped for now. CL caught it’s self approaching the 14/30 Sma. If it gets over the 14(yellow) we will see it suck to at least 70. If not and can’t break that line we will see at least 66.50 look for long entry around then too.
CL has been downtrending in OBV, RSI.
Today CL broke its 200SMA. Which is a technical tool large institutions use to short positions.
On a weekly chart, we are now resting on top the 50SMA. If we can't get a some support there, I expect CL to drop to $64.
Colgate Palmolive is shoving a declining Bollinger Band, and considering that it's negative momentum is slowing, you will have to be a bit optimistic and know a bit about CO's fundamentals to fully short.
This chart is set up to go lower, in my opinion.
+READING CHARTS IS LIKE READING MUSIC
+PHYSICS AND CHART READING
+LEVERAGE and STRUCTURAL ENGINEERING IN PLAY
In the September period CL reported disappointing results. The overall sales were of 3.85 billion and earning of 0.60 per share.
For the 2019 we belive that the company, with strategic actions in effective pricing, product innovations and cost reduction should lead a better performance in this year.
Earning per share in 2019 could reach 3.05 $ with a total sales...
Colgate-Palmolive CL Short Opportunity Risk/Reward Ratio 2.25
On the weekly chart we see the powerful downtrend
and we see a reversal on daily chart
Risk/Reward Ratio 2.25
Entry 63.22
Stop Loss 64.86
Take Profits 59.5
Waiting for retracement at around $67. There is confluence of
- Triangle trendline support,
- 50MA,
- Key Fibo level
- Golden Cross
- All 3 key indicators are also bullish
Will execute only with Bullish Pinbar on support. Look out for updates..
