- Colgate gave a good breakout which was met by a long upper wick candle showing the presence of sellers at the crucial resistance zone. - The price is now trying to break it. The structure does look good but given the volatility just after the breakout, it will be wise to wait for a break and sustenance of the price above the zone.
What are your thoughts? Leave us a comment.
Disclaimer: Please note that we are not registered advisors and the views expressed here are solely personal opinions. We strongly recommend consulting with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong.:)
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We saw a strong rejection from the crucial resistance zone. If you are a swing trader, It is important to keep these levels in check :) Long-term investors can simply follow their investing blueprint as it will all go up in the long run. Nothing here is advice. mere personal opinions :)
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Let's take a look at the market's momentum once the price closed and sustained above the crucial resistance zone. While some individuals may have entered the market when the Symmetric triangle was initially broken, the real momentum kicked in after a close above the crucial resistance. It is just a conservative style of trading where we may miss out on small returns but we definitely catch the big momentums. 🚀🚀🚀
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A beautiful close above All time high 🚀🚀
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Another 6% Booster 🚀
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@Sensii requested us to update this idea so here we go. We are at the 2000 mark which will serve as a psychological level. Sustenance above it will be the first indicator of future momentum. The next possible support will be the previous ATH at about 1822. Setting targets for ATH stocks is difficult especially when the movement is rapid. Hence, Some profit booking is always a good thing. The rest can be held based on free shares and confidence in the company's fundamentals. That is what we have done. Again, all of these are just personal opinions and not advice.