Despite Down Monday, The Chart Of Colgate-Palmolive Looks Very Bullish Right Now
The stock market gave its November gains on Monday, but that doesn't mean there aren't stocks worth looking at on the upside.
That's exactly where Colgate-Palmolive Company (NYSE:CL) stands, according to VantagePoint ai's predictive indicators. Though the stock did close down 0.74 percent on Monday, that's less than half the losses in the S&P 500. In fact, the stock has completely regained its losses from its post-earnings sell-off from the end of October.
Going forward, VantagePoint's two main indicators, a predicted moving average and predicted neural index, are both forecasting upside for the stock this week. The moving average is represented below by the blue line. When it crosses below the black line (a simple 10-day moving average) that's a clear bearish signal.
Chart via VantagePoint ai
You can see that the stock had a bullish crossover Nov. 13, and overall has risen 8 percent since Oct. 29. On top of that, the platform's other main signal, the neural index bar at the bottom of the chart, has recently shifted to green, indicated upside over the next 48 hour period. It also serves as a confirmation of the bullish forecast from the predicted moving average.
Despite Monday's down day, the fact that shares of CL held up comparatively well compared to the overall market is a huge sign of strength in the stock. This will be one to watch heading into the Thanksgiving holiday, as we'll see whether the stock can continue to outperform in the face of broader market weakness.
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