BMY has long-term technical support in place
For the final few weeks of the first quarter we're going to highlight one of Schaeffer's top 15 picks for 2026. Today, we have consumer products staple Colgate-Palmolive Co (NYSE:CL). To access the entirety of the 2026 report, click here.
The following is our analysis from Dec. 23 for the upcoming year.
Colgate-Palmolive (CL) is near the lower rail of a long-term bullish trend channel, as well as its 128-month moving average, a trendline that caught lows in Sept. 2024, Oct. 2022, March 2020, March 2009, and Oct. 2004.
The stock boasts strong support at the $75 level, which provided resistance from July 2016 to July 2020 but has been growing as support since then. This level also marks a 38.2% Fibonacci retracement of the 2000 lows and the Sept. 2024 high. CL has historically rebounded from this retracement, as it did in Aug. 2015 and Oct. 2018.
There is peak put open interest (OI) (all exchanges) at $75 as well, and a recent unwinding of negativity, per CL?s Schaeffer's put/call open interest ratio (SOIR) of 2.03, which sits in the 100th percentile of its 12-month range. Plus, its 50- and 10-day call/put volume ratios at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sit at 1.98 and 2.16.
There is plenty of room for optimism, as the 14.30 million shares sold short is nearing all-time highs, while 10 of the 21 analysts in coverage carry a "hold" or worse rating.