Aditya Agarwal
Looking at the weekly chart, Colgate Palmolive India has been consolidating in a range of Rs 1,170 to Rs 1,006 since several months but managed to break the upper band of consolidation recently to hit a fresh all-time high of Rs 1,189.70.
The said breakout was also supported by rising volumes which is a bullish sign. The weekly RSI (14) broke the trend line drawn from the top of June 30, 2017.
Hence, we advocate traders to accumulate this stock in a range of Rs 1,168 to Rs 1,160 with a price target of Rs 1,250, and a stop loss should be placed below Rs 1,105.
Disclaimer: The author Head, Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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