Colgate-Palmolive Trading Analysis (31/10/2023)
The trend is descending. Bulls tested the upper border of the downward price channel and the mirror level of 74.20. The upward wave structure is truncated. There is bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals overbought state.
Trading idea:
Sell at the formation of the descending wave structure, when the A-wave breaches the sloping channel of the uptrend truncated structure.
Stop-Loss: 74.20.
Target price levels: 71.00, 68.50.
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