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New Leg Higher for Colgate

By Gary Morrow

 About this article:
 Colgate-Palmolive is up over 3% today and is one of the top 10 NYSE dollar gainers. This may indicate the start of another surge in defensive names. Volume on the advance is very brisk and will be well above average by the close. This surge has lifted the stock above an area of heavy resistance near $72.00 that has been in place since early June. The breakout today looks very similar to the beginning of the June rally and, if Colgate takes a similar path, will carry the stock up to last September's highs of $80.00 by the end of this month. CL Daily (NYSE) Colgate-Palmolive Source: TradeStation A pullback to support at $72.00 would be a buying opportunity. A close back below $70.00 would probably lead to a short-term shake out but would not...

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