New York, November 26th (TradersHuddle.com) - Shares of Colgate-Palmolive Company (NYSE:CL) ended the trading session higher by $1.2 or 1.12% from its previous close. Colgate-Palmolive's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Colgate-Palmolive Company (NYSE:CL) is a consumer products company that markets its products worldwide. The company offers oral care products including toothpaste, toothbrushes, and mouth rinses; personal care products, such as liquid hand soap, shower gels, bar soaps, deodorants, antiperspirants, shampoos, and conditioners; and home care products like laundry detergents, dishwashing liquids and detergents. The company sell its products under Colgate Total, Colgate, Palmolive, Irish Spring, Speed Stick, Caprice, Ajax, Suavitel, and other brand names.
Colgate-Palmolive's recent stock range was formed by a trough where calculated support was defined at $103.05 and by a peak that established the resistance level at $109.08. This range could be used by traders managing their positions.
Traders wanting to establish a position in Colgate-Palmolive or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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