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Possible Bearish Inside Day Candle Pattern Detected for Clorox Co (NYSE:CLX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Clorox Co (NYSE:CLX) based on the price action in the company's shares. Yesterday's price range of $155.30 and $155.87 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Clorox Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Clorox Co share prices have been bracketed by a low of $143.58 and a high of $166.90 and closed yesterday at $156.25, 9% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Clorox Co (NYSE:CLX) is currently priced 17.1% above its average consensus analyst price target of $129.57. The stock should find initial support at its 200-day moving average (MA) of $153.43 and further support at its 50-day MA of $150.05.

The Clorox Company produces and markets non-durable consumer products sold primarily through grocery and other retail stores. The Company's principal products include household cleaning and bleach products, charcoal, cat litter, automotive care products, dressings, and trash bags. Clorox markets its products in the United States and other countries around the world.

SmarTrend is tracking the current trend status for Clorox Co and will alert subscribers who have CLX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle clorox co

Ticker(s): CLX