A very interesting situation, if it breaks out and holds the level, it may start to grow up. Despite the fact that we have already reached a significant correction to a strong level of 0.618 / 0.786 (according to various fibo reports), there is some divergence on the RSI. If the price breaks and holds 169 it might be interesting.
At the same time, the picture is fundamentally different and the decline should continue. P / E = 48, it is super expensive, despite the fact that earlier it did not exceed 28, in fact it is 2 times overvalued. On the positive side for investors, Clorox will raise prices for a wider range of products than originally planned. The negative and the potential for decline is still displayed not only in the P / E estimate, but also a simple thing - the covid leaves and the need for detergents decreases, which is already shown in the report, which noted a drop in sales on an annualized basis. At the moment, there is pressure on the margin. An interesting two-year stack - comparing the results of the financial quarter of the 1st quarter of 2022 with the results of the financial quarter of the 1st quarter of 2020 in the second half of the pre-pandemic calendar of 2019 - shows a growth in revenue of 20.6%.
It is interesting in any case how the paper will behave, whether there will be a technical rebound.