Colgate-Palmolive Short Term View

Colgate Palmolive:- Stock has been in the uptrend for a longer period of time. It has formed a Head and Shoulder Pattern. A Head and Shoulder is a bearish pattern that forms after an uptrend and changes this uptrend into a downtrend. The breakout of the neckline with volumes will push the stock downward. A sell position is initiated after the breakout of the neckline. The target is calculated by measuring the difference between the height and neckline. The Stop Loss will be placed above the right shoulder. 100 EMA stands just below the breakout level wait for this EMA to break for the short position. RSI and MACD both are showing negative signals. Keep Your Eye on this stock. This stock has immediate support around 1330. So instead of taking full target, one should book profit at this level. 1330-1350 zone may act as support. on weekly chart, 50 ema stands at 1340 and 200ema on the daily chart at 1352. so 130-1350 becomes more strong zone for demand