Trendline and Range Stock

This is simple Monthly Chart of COLGATE PALMOLIVE (COLPAL) and it is respecting the trendline and the resistance line, thus in a UPTREND CHANNEL since 2009.
Long term trend always prevails in the market, Even if someone is stuck in a stock at wrong time but if its longer trend is in uptrend there are high chances that it will recover some day.

High time frame analysis has its own benefits such as higher returns, less follow up , dividends and other benefits. It could be seen as an investment perspective as well.

This time there is a BULLISH HAMMER candle made in february 2023 at the support of the trendline. This is the one of the simple analysis which shows that investment and trading in the market is easy and doesn't require rocket science. This is a favorable RISK-REWARD opportunity with a very small Stop loss at the low of the last hammer Candle.

ENTRY can be made at the current market price of 1488

STOPLOSS can be on the closing basis on the last candle i.e. at 1430 (Logic behind closing basis is that it is currently in an Uptrend so if it wants to go in a downtrend it will require a strong downside closing confirmation for the same otherwise if the price goes below the low of the last candle, Buyers may come and can take the price up again)

REWARD - the first target would be the last swing/Resistance that is 1674 and then at its last high of 1800 and then next target would be the resistance which is likely to be 2000.

*this is a Monthly Analysis, so requires longer patience.
*keep position Sizing according to your Risk Appetite.
*Market is simple, don't make it complicated, Simple things works, It is just a probability Game.
One can take ReEntry if it gives another opportunity but be ready to give SL.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.