Leading consumer products stock, Clorox Inc (CLX), is declining sharply after reporting earnings. The company missed on revenues and guided below consensus. This morning, the stock is falling by 10.97% to $161.28 a share. Clorox Co (CLX) stock just broke below its important 200-week moving average. This puts the stock in a weak technical position on the charts and often signals lower share prices ahead.
The next major support level for Clorox Co (CLX) is around the $150.00 area. This support area is where the stock broke out to the upside in October 2019. Very often when a stock will backtest its prior breakout level it will be defended by the institutional crowd. I will look to be a buyer of Clorox CO (CLX) stock around this key support level.
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