Today’s spotlight is on Colgate stock, which delivered an impressive performance yesterday with a strong bullish candle signaling a decisive move to the upside. The stock surged from the session's start to its close, breaking through two significant resistance levels in the process.
The first breakthrough was at the $90 level, marked in green, a key horizontal resistance that had held the price in check. The second was the red downtrend line, which had been a persistent barrier for the stock. By overcoming these two resistances, Colgate has provided a strong buy signal, reinforcing the bullish sentiment around the stock.
Looking ahead, maintaining these gains will be crucial. A daily close below $90 would negate the breakout and serve as a signal to sell, but the probability of this happening appears limited given the strength of yesterday’s move. For now, Colgate looks poised for further upside, with yesterday’s breakout laying the foundation for continued bullish momentum.