Clorox Is Cruising

Clorox (CLX) is surging to fresh 52-week highs today. The stock is up more than 1% on above-average trade as it extends an impressive rally off last month's lows. As last week closed, CLX appeared headed for a breakout as it tested major supply near its June/July/September highs. This morning the stock has put some distance on this resistance zone, resting between $73.40 and $73.65, and now looks headed for new all-time highs. A healthy move off the mid-September lows is getting an upside jolt to start the week.

Clorox (CLX) Source: TradeStation View Chart » View in New Window »

Clorox began a 14-week consolidation in mid-June shortly after reaching new 2012 highs. The stock moved sideways on declining volume while working off an overbought bull move from its May lows. CLX held key support near the second-quarter highs, despite a few heavy bursts of downside trade. Last month, the stock tested 200-day support, a key level that had provided solid footing earlier in the year. Shortly after dipping below the $70 level last month, CLX has been in rally mode. Today shares are putting in their sixth-straight higher low....90 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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