Tornado_Trading

Colgate: bullish divergence + 1st higher low

Long
NYSE:CL   Colgate-Palmolive Company
Weekly:
Price has hit support for the second time and although the divergence is not pure, it is kind of a bullish divergence , on MACD-H and EFI . Stochastic RSI is coming from an oversold condition and shows some movement in a positive direction. Also, -2 ATR is has been the outer stretch mostly and could indeed pull up to value zone


Daily:
Ticker has made up a good upmove already, will check intraday to see if it would give a better entry. There is a bullish divergence on MACD-H and EFI , and a first higher low acter that. The impulse has changed to blue and price has upshot since the decline, ending in the lower area of the value zone. Stochastic RSI is also showing a bullish divergence as well as macd lines. %K just crossed the %D line. I expect it to move a a possible higher high, and at least reaching the previous high.



Entry: Around 75.5 But I will check after market open if we could find a better intraday entry. I will enter after market open.
Target 1: 76.9
Target 2: 77.95

Stop: 74.15

R/R: 1.3 - 1.8
Trade active: entered around market open @ 74.53
Trade closed: target reached: exited at 77.25, don't want to take it to the new week.