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Last Updated : May 18, 2018 12:11 PM IST | Source: Moneycontrol.com

Buy Colgate Palmolive, target Rs 1,276: Hadrien Mendonca

"We expect the stock to surge higher towards its potential target of Rs 1,276 levels in the medium term. Traders can put a stop loss below Rs 1,138," says Hadrien Mendonca, Senior Technical Analyst at IIFL.

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Hadrien Mendonca

Colgate Palmolive has broken out from the Cup and Handle pattern seen on the weekly charts and has also sustained above the same for the past two weeks indicating strength in the breakout.

Rising volumes and Relative strength index (RSI) are all indicating that the current momentum is likely to extend further.

We expect the stock to surge higher towards its potential target of Rs 1,276 levels in the medium term. Traders can put a stop loss below Rs 1,138.

Disclaimer: The author is Senior Technical Analyst, IIFL. 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.
First Published on May 18, 2018 12:11 pm
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