Clorox Slumps After Downgrade, Here’s The Trade Level
Leading consumer products stock, Clorox Co (CLX), is falling by over 4.0% to $167.07 a share. Today’s decline comes after the company was downgraded to underperform by Credit Suisse. The stock recently topped out on January 14th, 2021 at $186.85 a share. Since that peak, the shares have fallen below the important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and indicates further weakness.
The next major support level for Clorox Co (CLX) will be around the $150.00 area. This important support level is where the stock broke out of a long monthly chart base in December 2019. Often, when stocks retrace down to their prior breakout levels they will be defended by the institutional crowd. I will personally be a buyer around this major support level when the stock trades down there.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Comments
