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Clorox Co (CLX) Is Now In A Downtrend, Where’s The Trade?

Clorox Co (CLX) was one of the strongest stocks in the market until early August 2020. The stock was soaring as people were buying bleach and cleaning products to try and combat the coronavirus. On August 5th, 2020 the stock topped out at $239.87 a share. Since that all time, the stock has declined sharply and is now trading at $205.50 a share. The stock has also declined below it’s 50 and 100-day moving averages. This puts the stock in a weak technical position on the charts and in a daily chart down-trend.

Traders and investors should watch some important support levels for Clorox (CLX) stock in the near term. The first important support area for Clorox stock will be around the daily chart 200-day moving average. At this time, that moving average is around the $190.00 level. If that breaks then the next key support area will be around the $180 level. This is where the stock pivoted in late April 2020 before soaring to new highs. I would expect this level to be defended by the institutional money. It is also an area which should present a high risk/reward long trade setup.

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