Colgate Palmolive Co (CL) is a leading consumer goods stock that has been steadily declining since late December 2020. At that time, the stock was trading around $86.00 a share and forming a bullish consolidation pattern. Unfortunately, the stock pattern failed to break higher and the stock declined sharply at the start of 2021. The shares have now fallen below the important 50-day moving average and remain in a weak technical position. Currently, the shares are still trading above the important 200-day moving average, but that moving average is now minor support if tested.
The next major chart support level for Colgate Palmolive Co (CL) stock will be around the $73.00 area. This support area is where the important 100-week moving average is located. It is also a key retrace level that should add as solid support to this area. Often, the institutional crowd will support stocks when they decline into these important trading factors.
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