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This Leading Consumer Products Stock Could Be Setting Up For More Upside

Church & Dwight (CHD) is a leading consumer products stock that has been pulling back recently. The stock made a short term top at $98.96 a share on September 2nd, 2020. Since that high pivot, the shares have declined to $90.74 where they trade today. At this time, the stock looks to be working off an overbought condition from a breakout in late July. Often, when stocks surge to new all time highs they will need to pullback and consolidate on the larger time frames. That looks to be happening with CHD stock.

The stock is trading just below the important 50-day moving average. Usually, this is a negative for the stock, but there is still a lot of chart support around the $85.00 area. This support level is where the 100-week moving average stands at this time. It is also a level where the stock broke out of a one week base in mid-July. This level should be solid support in the near term when tested. I will be watching this stock closely to see how it trades into this support level for a long side trade. Please remember, the earnings announcement for CHD will be on October 29th, 2020 before the opening bell.

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