Many traders and investors seem to get nervous when stocks such as Colgate Palmolive Co (NYSE:CL), and Procter & Gamble Co. (NYSE:PG) are two of the strongest stocks in the entire market. These two particular are companies are very defensive stocks. No, this does not mean that they are in the defense industry like General Dynamics(NYSE:GD), or Lockheed Martin Corp.(NYSE:LMT). This means that they are stocks that people will buy in case of an economic downturn. You see, Colgate Palmolive, and Procter & Gamble, make products that people cannot live without. Almost everyone needs to brush their teeth, shave, and use soap when they bath. These stocks also pay a dividend and most investors seek the income.
The daily charts of both stocks continue to look very strong. These stocks are trading in a confirmed up-trends at this time and should see higher prices in the coming days. Procter & Gamble and Colgate Palmolive have made higher lows on the daily charts and this is also a bullish sign for the near term. Right now PG stock looks as if it has upside potential to the $68.00, and $70.00 levels. The intra-day resistance levels for PG stock will be around the $67.50 level. CL stock has upside potential to the $90.00 area in the near term on the daily chart. The intra-day resistance for CL stock will be around $86.15 level this afternoon.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.