Like so many of these stocks they have not done very much lately. MMM, WMT, PFE, JNJ etc. etc. seem to be oblivious to the world around them. This one has not moved for 7 years or so. But it also has not gone beyond $75. Next big move should be towards $45.
July 12 I commented that this stock should not trade above $75, here is the chart (and the entire blog is available);
The $75 was where the upper trend line resided for the 5th wave up. It is also close for the trend-line of the whole thing. This is what happens when you get there;
In just a matter of days it loses $9. First stop is at $60.
At $75,10 this stock is right on target, actually 10 cents above that but then it did not stay there either. All this is happening as a result of another bid for the company by Carl Icahn. It is now a sell. If you have a broker that charges you a fortune like 2.5%, then it sometimes makes sense simple to tender the stock into the bid at the appropriate time and circumvent paying these commissions. If the transaction costs are not too relevant one should normally sell as from here on there is only downside risk in the event the deal falls through. This has happened with increasing frequency.
No further comment required, this is one out of dozens.
Clorox is more interesting. The stock has, or is about to, top for a third time. If it is not already done , $75 is the maximum level that it can reach, that is only another $5 at the most. What makes this call very credible is the expanding diagonal which almost certainly is a c wave out of an a-b-c fourth wave. The only question left is it 4 of 5 or 4 of the entire sequence up. It is a matter of degree but the maximum is $75.