New pattern is formed in ColPal chart

Colgate Palmolive achieved a record closing high of Rs 2,687.4, marking a 4.5 percent increase, following a breakout from the recent consolidation range. This was accompanied by the formation of a long bullish candlestick pattern on the daily charts, supported by healthy trading volumes. Moreover, the stock maintained its position above all major moving averages, indicating a positive trend.The breakout from the Ascending Triangle chart pattern on the daily scale further strengthens the bullish sentiment. The increased volume activity suggests the initiation of a new upward movement from the current levels.For positional traders, the critical level to watch is Rs 2,580, which will determine the continuation of the uptrend. Trading above this level suggests the uptrend may persist until Rs 2,880. Conversely, a close below Rs 2,580 might prompt traders to exit their long positions.

Good analysis performed by you!!