CLX climbs to highest close ever
Clorox Company (CLX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, CLX ended the month 6.36% higher at 219.37 after gaining $1.79 (0.82%) today, underperforming the S&P 500 (1.54%). Today's close at 219.37 marks the highest recorded closing price ever. Trading $2.11 higher after the open, Clorox was unable to hold its gains as the bears took control ending the day below its opening price. 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 Jun 30, 2020):
Tuesday's trading range has been $5.20 (2.37%), that's above the last trading month's daily average range of $4.35. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CLX.
Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on May 1st, CLX gained 3.40% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Clorox. Out of 48 times, CLX closed higher 52.08% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.67% with an average market move of 1.22%.