CL closes higher for the 2nd day in a row
Colgate-Palmolive Company (CL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CL ended the month 1.29% higher at 73.26 after gaining $0.83 (1.15%) today, slightly underperforming the S&P 500 (1.54%).
Daily Candlestick Chart (CL as at Jun 30, 2020):
Tuesday's trading range has been $1.24 (1.71%), that's slightly below the last trading month's daily average range of $1.42. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CL.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 28th, CL actually gained 0.33% on the following trading day.
The market managed to close back above the 20-day moving average at 72.85 for the first time since June 23rd. Prices are trading close to the key technical resistance level at 73.70 (R1).
Colgate-Palmolive shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's high at 75.40, upside momentum might accelerate should the share mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Colgate-Palmolive. Out of 154 times, CL closed higher 53.90% 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 59.09% with an average market move of 0.23%.