It is possible to capture a massive move in a shorter time frame with the help of the Time cycle and simple Elliott wave theory.
We had recommended to buy Colgate Palmolive in our Jal Multibagger stock report back in October 2023, when the stock was trading near 2053 levels! Below is the detailed chart and analysis that the stock followed.
Colgate Palmolive Weekly Chart (Log Scale) Anticipated as on 30th October 2023
Colgate Palmolive Daily chart Anticipated as on 30th October 2023
Wave Analysis Anticipated as on 30th October 2023
COLPAL is engaged in the personal care and oral care business. The company offers various personal care products, such as soaps, cosmetics, and toilet preparations. The stock comes under FMCG sector. After consolidation of more than 3 months, FMCG Index looks all set to give a breakout of the consolidation ahead of various companies quarterly results.
As per wave perspective, stock has shown an impulsive rise. As per wave perspective corrective wave 4 which was forming a Diametric pattern has been terminated near 1440 levels and near channel support. Wave 4 got completed in form of running correction. Currently we are moving in wave 5. So, we are expecting more rise in this stock towards upper trendline of the channel. Any dip towards the Exponential Moving Average of 60 period i.e. towards 1756 can be used as a buying opportunity.
COLPAL has been forming lows every 89 weeks as per this cycle and we can clearly see that in above chart. The vertical blue line represents 89 week’s Time cycle and we can see sharp bounce back on upside after prices are near that zone. Recent low was exactly on our cycle where wave 4 got completed.
In short, it is ideal time to start accumulating FMCG stocks. As mentioned earlier the target for this stock comes to around 3700 on the upside. The rise has been impulsive in nature. The trend for COLPAL is positive as long as 1230 levels remains intact on downside. Buying can be done in staggered fashion towards 1756 levels in this stock!
Colgate Palmolive Weekly chart Happened as on 17th September 2024
Happened
In October 2023, we published about Colgate Palmolive in our Multibagger report. At that time stock was trading close to 2053 levels. The stock moved as expected and achieved our target of 3700 levels in today’s session and made a lifetime high of 3709.95 within less than 11 months, which is more than 81% from the levels suggested. We have identified this stock using advance technical tools like Time cycle and Elliott wave theory!
Time Cycle and Elliott wave works brilliantly if one knows how to apply it correctly. So, using these two techniques one can capture massive moves in stocks for long term as well as for short term!
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