Clorox Co (CLX) stock continues to slide again today. The stock is trading lower by $2.46 to $161.98 a share. The stock was one of the biggest winners during the coronavirus scare last year .Clorox Co (CLX) stock peaked in August 2020 at $239.87 a share. Since that high pivot, the shares have fallen sharply and the stock is now in a confirmed downtrend. Traders should note that Clorox Co (CLX) stock is trading below its important 200-week moving average. This tells me that the stock is in a very weak technical position on the charts and will likely decline further in the near term.
The next major support level for Clorox Co (CLX) stock will be around the $150.00 level. This support area is where the stock broke out of a 18-month base before making new all time highs. Often, this key support level will be defended by the institutional crowd when tested. There is also a key retrace level in this support area adding to the strength of the support level. I will look to be a buyer of the stock at this major support area.
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