CLX ends the day indecisive
Clorox Company (CLX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
CLX ended Thursday at 118.33 edging lower $0.05 (-0.04%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous 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 May 17, 2018):
Thursday's trading range was $1.40 (1.18%), that's far below last trading month's daily average range of $2.41. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 118.55, the stock closed below it after spiking as high as 118.74 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 117.37 in the prior session, The Clorox found buyers again around the same price level today at 117.34. After trading as low as 117.34 during the day, the share found support at the 20-day moving average at 117.91.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 118.85 where further buy stops might get activated. With prices trading close to this year's low at 113.57, downside momentum could accelerate should the market break out to new lows for the year. As prices are trading close to May's high at 121.57, upside momentum might speed up should CLX mark new highs for the month. As prices are trading close to May's low at 115.00, downside momentum could accelerate should the stock mark new lows for the month.