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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Clorox Co (NYSE:CLX) based on the price action in the company's shares. Yesterday's price range of $126.41 and $127.91 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. Traders and investors interested in shares of Clorox Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Clorox Co has traded in a range of $111.24 to $150.40 and closed yesterday at $127.30, 14% above that low. The 200-day and 50-day moving averages have moved 0.29% higher and 0.02% lower over the past week, respectively.

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.

Clorox Co has overhead space with shares priced $127.30, or 5.1% below the average consensus analyst price target of $134.07. The stock should discover initial support at its 50-day moving average (MA) of $126.60 and subsequent support at its 200-day MA of $122.64.

SmarTrend recommended that its subscribers protect gains by selling shares of Clorox Co on January 3rd, 2018 by issuing a Downtrend alert when the shares were trading at $144.37. Since that call, shares of Clorox Co have fallen 12.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle clorox co

Ticker(s): CLX