CL has all of the ingredients

Alright folks, today we’re taking a look at ticker symbol CL, Colgate Palmolive. And we got a lot of things happening on this chart. So let’s go ahead and break it down. First, we’re gonna start with our higher time frame analysis on the weekly and then we’ll move over to the daily. So this is just going to be a simple little lesson here on trading price structure and trading these key levels. So we have identified this key area of structure or resistance right here. Why? Because it’s the area where the market stalled out and then slammed to the downside, it broke a long term uptrend move lower. So we draw an area of structure. Now the market has traded lower, and then what happened large boost of buying pressure came into play, he broke this long term trend. So this area becomes an area of structure. Now, market traded up and what did it do it not surprisingly, hit this predefined area that we identified. And this is where we then go into the lower timeframe, this being the daily to look for short setups. So the market retraced a bit, came back up, tested this area second time, and then came back down, where did the market come down into and pause and actually reverse into that predefined area of structure right here in the 7675. area, this area, cause the trend to change back here. And it caused the sellers to stop selling and the buyers to step in right here. Now where we are today, we’ve already come back up into this area back in December. So why is it an area of interest today? Well, the that is because we have some things going on on the daily. Notice that we have a 123 top information 123 top, this is the 123 top indicator, we had a couple pushes below the number two here last week, but we could not close. We did get that close today. Now I’m going to also draw a trend line. On this daily chart, we’re getting close below the trend line. Now aside from the 123 top, we also have a nice looking little head and shoulders top as well, we have a left shoulder head and right shoulder. And of course we know that the profit projection on a head and shoulders top as well as a 123 top is going to be measured from the hit top of the head down to the neckline and then down. Where does that take us it takes us right here into this area of old old resistance, which now becomes support. And that also coincides perfectly with our take profit or our profit one objective on the 123. And as we move lower, the 200 day moving average will be flattening as well which also serves as a magnet. So these are the kinds of things that we like to put all together for Confluence. In addition, we have a small pocket of seasonality that favors to the downside. So we’ll be watching CL closely look to trade it to the downside targeting around 79 or $80. Now I’m going to be talking about these concepts in my free event on Wednesday, January 26. At 7pm Eastern spot the big money moves with a new trading strategy. This is where we’re going to talk about putting all of these concepts together. Registration is free. I’m gonna go ahead and link you to this page. All you got to do is enter your name and email address and I’ll see you there