CLX seems breaking down from an upward neckline H&S formation. On the weekly frame it also testing the support area from where it broken down before.
* Trade Criteria *
Date First Found- June 27, 2017
Pattern/Why- Upward Neckline H&S formation
Entry Target Criteria- Break of $136.83
Exit Target Criteria- $122.33
Stop Loss Criteria- $142.13
Please check...
These are the reasons why I like clorox:
As you can see the stock is at a strong support line so i am expecting a bounce. This point was very valuable when the stock bounced two times at that resistance level last year so i am expecting the same thing tomorow. Not only the stock is at a great support level but the candle of friday shows indecision and in my book...
CLX is testing a resistance label from where it previously had a sharp decline. It also seems forming Adam & Eve double top formation.
It also has Over 10 million reported insider selling. Overall it is an interesting short setup & we think it can decline down to 113 area.
Please check back for Trade updates. (Note: Trade update is little delayed here.)
CLX offers a very tight stop loss short here. We can enter on a drop under today's low, with a stop at today's high and aim for a retest of the recent lows before this rally.
Good luck if you take it,
Ivan Labrie.
I think this is a really good short setup. The company is bleeding cash, funding their huge dividend with debt, not complying with regulations regarding the usage of sustainable palm oil on their products and the technical chart shows an ideal entry against resistance here.
The entry is very tactical, a perfect technical setup, paired with bad fundamentals for...
CLX earning looking good with historical value.
Price broken through 2 layers of support and reaching a 3rd.
Long position for earnings and in case of S/L skip, remaining long back into channel.
Long position:
Risk: 1.5-2.5% according to apetite. $115.00 S/L.
Reward: 10% reward potential. $130.00 will take a 50% partial
