CLX trade ideas
Sell High Buy Low TimeCLX is now facing a triple top formation and it could heads south towards the support level at
144.90. Alternatively, there is still a possibility for it to fake a breakout before coming down.
Those keen to short, please use the 4H or 1H time frame to check the price action and trends to determine a good entry point.
CLS Short again on overextended buyingWeekly analysis:
- Huge move up, broke resistance at 160 and instantly went to penetrate 165. Move is too fast without resting
- Topping tail
- Good move down to 1.1 R without much resistance
Daily analysis:
- Nice long topping tail with decent volume
- 2 Huge green candle up not much resistance going down
Intraday analysis:
- End the day with a inverted hammer with decent volume (bearish)
Main concerns:
- Volume on the topping tail candle today is not a stand out volume, just slightly higher compared to average bearish volume
- Counter trend trade, unable to have bigger targets. Stick with 50% retracement to be safe which is about 1.1 R
CLX - A Trade RevisitedAfter a strong move off of the 145 level once again, CLX has taken back buyer's interest. According to my model, a buy before earnings is risky but warranted. I will be buying at the open and will add if price touches the rising TL and/or if it breaks the 168 level with a long term target on the chart as shown! What might people need more of in the coming weeks and months? DISINFECTANTS.
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CLX overextended and inverted hammerWeekly analysis:
- Breakout at around 160 did not had any consolidation period. Notice the first breakout at 153.5 had some consolidation before. The second breakout at around 160 had long wicks and only took 2 weekly candles
- Stock is likely tired from the accelerated breakout attempt with almost no consolisation.
- Inverted hammer forming at resistance zone
Daily analysis:
- Inverted hammer at resistance around 160 with about x3 the normal volume
- 10 Green candles in a row. Stock has a high probability of being tired
- Price quite far from SMAs 50 and 100
- Not much resistance going down
Intraday analysis:
- 2 lower highers and lower lows on 27th Jan. Both highs had quite a long wick.
- After hours trading had a price spike but volume is quite insignificant. (Still slightly concerning)
