CL dominated by bulls lifting the market higher throughout the day
Colgate-Palmolive Company (CL) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
CL finished the week -0.86% lower at 73.35 after gaining $0.60 (0.82%) today on low volume, outperforming the S&P 500 (-0.16%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 73.20, Colgate-Palmolive confirmed its breakout through the previous session high after trading up to $0.27 above it intraday.
Daily Candlestick Chart (CL as at Jun 14, 2019):
Friday's trading range has been $0.71 (0.97%), that's below the last trading month's daily average range of $0.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 7th, CL actually lost -1.30% on the following trading day.
After trading down to 72.76 earlier during the day, the market bounced off the key technical support level at 72.78 (S1). The failure to close below the support might increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 74.09 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Colgate-Palmolive. Out of 465 times, CL closed higher 55.27% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.57% with an average market move of 0.38%.