CLX reported earnings on Thursday after the close and disappointed on input costs which ultimately means Clorox will be raising prices to adjust their margins. The stock is highly oversold, but not a buy- YET. I will be watching Monday and Tuesday to see if it holds support for a trade.
Clorox has Covid new variant as a catalyst. Has fallen the past two earnings.
Inverse H&S (Head and shoulders ) on the Daily.
Has not closed back below support.
Entry : Here $174.00
S/L : $170-$172
TP 1 $178
TP 2 $182
TP 3 $185
TP 4 $190
TP 5 Open
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Happy Trading Week
Conviction: 4/5
Entry is not idea, could have better entry point if price goes down to retest support.
Main thesis
Bounced off long-term (1991) channel bottom in December
Bounced off 50M-MAas well
RSI-M also bounced off historical lows, although not levels with highest certainty
Confirmed breakthrough from downward resistance line last week
Touching...
Attempting to breakout of the downtrend for a reversal. Omnicron news could act as a catalyst for confirmation and continue to trend upward. NOT FINANCIAL ADVICE!
On the EMA chart 100,200,500,1000,2000
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...
Stock trading in weekly time frame correction from August 2020...and it is Expected to go on till June 2022 or more than that...
Can avoid stock....no fresh position untill stock breaks levels of 205
The company has released a weak earnings report, but I think that the fall of more than 10 percent is slightly overkill. Buy @ $160-170, TP $190-200-220, SL $155.
CLX looking great. There is a falling wedge breakout on the weekly. The contracts are very cheap and this stock is going to be great to day trade. The daily chart looks great as well with lots of buy signals. Waiting for a break above 187.39. If breaks above there then taking a longer position with a PT of 189.28.
If breaks above 189.28 then we can see 192, 193,...
