#Colpal may post inline result as per chart and now stock trading at important support levels if stock break 1,180 level we can see upside toward 1,200-1,220 level and if stock break 1,135 level we can see downside toward 1,110-1,090 levels.
Price is testing its channel support line with the RSI also around the Oversold level. Good entry point technically, but confirmation signs from the bulls are yet to be seen! An entry with a reduced position size possible at this juncture since confirmation is yet to be given for a BUY. Next demand level seen around 1025!
Colgate Palmolive (CMP-1314-1315) seems to be primed for a move towards 1285 & possibly 1250 over next couple of days as long as 1324 holds. Wait for break of 1310 before initiating any trades. All ideas shared for educational purposes only.
Expected target 1260 + (1200-800) = 1660 plus
Stop : Trail 30 weeks ema, currently at 1080.
1) The stock has broken past the small consolidation zone (W pattern) and also the broader consolidation zone with huge volumes.
2) Relative Strength with respect to broader index indicates serious money flowing into the stock.
3) RSI has been in the...