CLX from the weekly chart.
CLX has been primarily trending up since the early 80’s. Near the end of Nov 2019 the 130 EMA was tested, and a rally was generated that broke the consolidations resistance line at that time. Stock prices soared around 65% in under a years’ time. Price has now fallen around 37%. I feel the price will retest the support line and enter an accumulation phase.
My RSI and MACD-H are in completely oversold zone with the stochastic showing downward momentum. One thing I would like to note on the weekly is where the MACD-H lines are currently at. They have never been more oversold in the history of the stock.
If the support line holds around $166.00, I will look for swing trades on the daily. If the price holds above the 130 on the weekly, I will increase position sizes.
CLX has been primarily trending up since the early 80’s. Near the end of Nov 2019 the 130 EMA was tested, and a rally was generated that broke the consolidations resistance line at that time. Stock prices soared around 65% in under a years’ time. Price has now fallen around 37%. I feel the price will retest the support line and enter an accumulation phase.
My RSI and MACD-H are in completely oversold zone with the stochastic showing downward momentum. One thing I would like to note on the weekly is where the MACD-H lines are currently at. They have never been more oversold in the history of the stock.
If the support line holds around $166.00, I will look for swing trades on the daily. If the price holds above the 130 on the weekly, I will increase position sizes.