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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Clorox (NYSE:CLX) based on the price action in the company's shares. Yesterday's price range of $123.00 and $124.27 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $124.04, Clorox is currently 1.8% above its average consensus analyst price target of $121.83. The stock should hit resistance at its 50-day moving average (MA) of $126.60, as well as support at its 200-day MA of $122.64.

Over the past year, Clorox has traded in a range of $103.77 to $140.47 and closed yesterday at $124.04, 20% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

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 recommended that its subscribers protect gains by selling shares of Clorox on July 27th, 2016 by issuing a Downtrend alert when the shares were trading at $132.06. Since that call, shares of Clorox have fallen 6.9%. 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

Ticker(s): CLX