Clorox broke out on Monday to news highs and continued the move today. With the rotation from growth to value or growth to defensive, this would fit right in.
The SCTR is pushing into the top quartile, which I particularly like. The relative strength is improving, the news highs are bullish, the volume accelerated on the breakout and the MACD is pointing higher. All that to say the stock looks set up for a big move here.
As long as it holds above $140, it looks like a nice breakout is in order.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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