Colgate Palmolive (India) Limited (COLPAL) Stock - Complete Technical Analysis - Oct 23, 2024

Colgate Palmolive Technical Analysis: What Traders Must Know

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Colgate Palmolive India Limited shows significant technical indicators that warrant careful observation. Currently trading at 3,331, the stock is 14.37% below its 52-week high and 66.14% above its 52-week low, suggesting mixed sentiment among investors. The latest spinning top candle indicates market indecision, with the price action recently experiencing a notable drop from 3,496.30 to 3,331.10 over a few days.

In terms of support, the immediate level is around 3,305, while resistance is evident near 3,350 and 3,395. The RSI indicates oversold conditions, and the MACD being deeply negative suggests a prevailing bearish trend. Additionally, the ADX level above 30 confirms a strong trend, but with volatility high, traders should watch for potential reversals at key support levels.

Price trends show a decline, and the overall moving averages are indicating resistance above the current price, which further emphasizes the weakness in the stock. Observing the volume during potential reversal attempts will be crucial in determining the stock's next move. In conclusion, traders are advised to exercise caution while monitoring for confirmation of trend reversals at support levels.