CLX finds buyers at key support level
Clorox Company (CLX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
CLX finished the week -2.01% lower at 140.21 after flat today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CLX as at Aug 10, 2018):
Friday's trading range was $1.68 (1.2%), that's below last trading month's daily average range of $2.63. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 139.59 during the day, the market bounced off the key support level at 139.95. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 139.99 in the previous session, the share found buyers again around the same price level today at 139.59.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.