Colgate-Palmolive shares signal further upside as technical momentum builds
Recent gains in Colgate-Palmolive shares are pointing to the potential for another move higher as technical indicators strengthen. The stock has risen more than 13% in roughly three weeks and broke above a bull pennant pattern last week, reaching $95.33, its highest level in about 2-1/2 months.
Highlights
- Colgate-Palmolive shares broke out of a bull pennant at $95.33, projecting technical upside targets of $106 and $109 according to pattern analysis.
- Bollinger Bands, MACD, and RSI indicate continued upward momentum, though price resistance is expected near $100 per share.
- Support is seen between $88 and $90, with a drop below this range likely ending the current rally and presenting a key risk level.
Breakout pattern points to higher targets
As reported by Reuters, technical analysis suggests Colgate-Palmolive may be entering a new rally phase after the stock broke out of a bull pennant pattern, a chart formation that typically appears between two advances. The breakout came last week when the shares climbed to $95.33, and analysts using the height of the pattern's flagpole estimate potential upside to $106 and possibly $109.The bull pennant forms after a sharp rise, followed by a consolidation period in which the stock trades in a narrowing symmetrical triangle. The pattern is generally confirmed when the shares move above the triangle's upper boundary, signalling that buying momentum is resuming after investors take profits and reposition for further gains.
Momentum indicators and risk levels in focus
Additional technical tools are also indicating strengthening upward momentum. Bollinger Bands, MACD and the Relative Strength Index all suggest the shares are continuing to build strength, although resistance near $100 could slow the move on the way higher.On the downside, support is seen in the $88 to $90 range. A drop below that area would likely bring the current rally to an end for now, marking a key risk level for investors watching the stock's next move.
In our earlier article, we analyzed the Nasdaq 100 (NDX) as it traded in a tight range with mixed momentum signals, staying above long-term support but below key short- and medium-term averages. We highlighted 29,821 as the main resistance to watch for a bullish breakout and 29,001 as the key support level that could open the way for further downside.
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