CLX: Trade Level For This Leading Consumer Goods Stock

Leading consumer goods stock, Clorox Co (CLX), has been in a downtrend for several months now. The stock topped out on August 5th, 2020 at $239.87 a share. Since that pivot top, the stock price has declined down to the $195.00 level. Traders should note that Clorox Co (CLX) stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position and signals further downside for the shares.

The next major support area for Clorox Co (CLX) stock will be around the $185.00 level. This key support area is where the stock broke out in late April 2020. Often, prior breakout levels will serve as excellent support when tested. This support area is also near a major retrace level which should add even more solid support to the level. I will be looking at a long side trade in Clorox Co (CLX) stock when this major support area is tested.

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