Dalal Street Technical Buy Call – Colgate Palmolive
Colgate Palm.
CMP – Rs 705.10
1st Target: 745 (4-6 weeks)
2nd Target: 771 (12-14 weeks)
Stoploss: 685.00 (cls)
Colgate Palm. bottomed out by posting an intra-week low of Rs. 341.00 during the week ended 10th October 2008 and these levels have rarely been seen since. The scrip launched into an intermediate uptrend, and rallied to peak at an intra-week high of Rs. 472.00 during the week ended 20th February 2009. Colgate Palm. couldn’t sustain these levels for long, declined to post an intra-week low of Rs. 418.60 during the week ended 13th March 2009. The scrip commenced its uptrend from here, rallied after almost receiving support from the 21 Week EMA, once again launched into an medium term uptrend, rallied to peak at an intra-week high of Rs. 686.00 during the week ended 10th July 2009 only to enter a deep corrective phase. The scrip rallied to peak at an intra-week high of Rs. 735.00 during the week ended 30th October 2009. Currently Colgate Palm. seems set to stage a upmove after what can only be described as a weekly correction, the mechanical indicators are supporting the move and with even the weekly picture looking better, a further upside from these levels cannot be ruled out.
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