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Powerful Breakout for Colgate

By Gary Morrow
2:20 p.m. EDT

Colgate-Palmolive(CL Quote) is building on Friday's strong move with a 4% ramp. The stock finished off last week with a high-volume 3% surge that pushed the stock above its 200-day moving average for the first time since the October collapse.

Colgate is now trading just shy of its 2009 high of $69.70. I expect the stock to be at new highs this week.

CL Daily (NYSE) Colgate-Palmolive TradeStation

Colgate has been on quite a run since bottoming in early March. The stock successfully tested its October lows of $54.35 back on March 9 before turning higher and with today's $2.75 gain, has recovered over half of the heavy loses suffered during the fall of last year.

The bulk of the gains have come during the last four weeks as extremely heavy upside volume returned. This leg of the run has left behind strong support in its wake. While I expect Colgate to easily take out its current 2009 highs, a healthy pullback would strengthen the trend.

I am not in the stock at this point but would be a buyer on a low-volume pullback. First layer of support is the double weekly highs left behind in late January and early February just below $67. Last week's high of $66 is also an area of support.

No positions.