Clorox Company (CLX stock) price slipped and returned toward the ideal support zone of $150 in the past sessions. Moreover, the stock could not hold the gains post breakout and retraced to fill the gap indicating sellers’ strength on the charts. Furthermore, the stock was dragged toward the 50-day EMA, facing rejection near the channel’s upper trendline. It is aiming to retest the round mark of $150.
Recently, CLX stock has posted the Q2 earnings per the estimates and witnessed buying in the past sessions. However, the stock has outperformed and already shown a run, leading sellers’ entry and price to fall toward the support range. The price action shows that CLX stock cannot surpass the channel’s highs and is losing momentum.
Clorox stock (CLX) price indicates bearishness, trend reversal from the highs, losing gains in the past sessions. However, the stock is close to the immediate support of $150 where the stock is heading. If the price slips below $150, it leads to a massive fall toward $135, followed by $125.
At press time, CLX stock price is trading at $157.61 with an intraday drop of 1.60% showing profit booking in the overnight session. However, the trading volume remained at 1.089 Million, and the market cap at $19.516 Billion. However, analysts maintained a sell rating with a yearly target price of $157.47, suggesting a negative outlook for the upcoming sessions.
Clorox Co. engages in the manufacture and marketing of consumer and professional products. It operates through the following business segments: Health and Wellness, Household, Lifestyle, and International.
The Health and Wellness segment consists of cleaning products, professional products, and vitamins, minerals, and supplements mainly marketed and sold in the United States. The Household segment consists of bags and wraps, grilling products, and cat litter marketed and sold in the United States. The Lifestyle segment refers to food, natural personal care products, and water-filtration products marketed and sold in the United States.
Daily Charts Indicates Fresh Selling
On the daily charts, CLX stock price indicates fresh selling, indicating short buildup activity in the last session, which suggests the stock might face further selloff toward the channel lows near $150, followed by the demand zone of $135.
The RSI curve showed a sharp fall from the overbought zone to neutrality and noted a sharp selloff in the past sessions, suggesting the entry of sellers that could breach the support levels near $150 in the upcoming sessions.
The MACD indicator showed a bullish crossover, but the green bars were declining near to end amid selling pressure in the past sessions.
Conclusion
Clorox Company (CLX stock) price showed selling pressure and lost the gains in the past sessions. Moreover, the price is near the 50-day EMA and is heading for the 200-day EMA. The outlook for the following sessions is negative.
Technical Levels:
Support Levels: $150 and $135
Resistance Levels:$165 and $180
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/16/clorox-company-clx-stock-shows-weakness-will-it-revisit-150/