[27] CLX, GD, WDAY
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Ninth of the week! Let’s review a few more names:
The Clorox Company (NYSE: CLX)
CLX is currently consolidating in a descending channel. It continues to hold channel support and has been rallying since the year began, after filling the yearly imbalance at 96.76 at the end of last year. It also broke out from its short-term purple resistance trendline.
Following the end of Friday's session, it closed below the intermediate blue support trendline.
If CLX reclaims this trendline next week, there is a stronger case for a full retracement back into channel resistance, which includes a fill of the 132-141 quarterly imbalance.
Otherwise, CLX could pullback into the monthly zone at 113-118.
A breakdown is unlikely unless channel support is lost, and same goes for a breakout unless channel resistance is broken. Until then, CLX is likely to continue trading in a diagonal range.
General Dynamics Corporation (NYSE: GD)
GD is currently consolidating in a short-term red descending channel that found support at the confluence of red channel and the yellow ascending channel.
It's currently trading within the 344-354 weekly zone.
If GD breaks out of the descending channel and above 354.29, it can head back towards the yellow channel resistance. The next major Fib extension sits at 505.29.
Otherwise, if GD rejects here and breaks down below 343.73, it could potentially pullback into the confluence of supports in the 325-327 area - notably, the 325.76 Fib level. The larger green ascending channel then returns into play.
In short, this particular weekly zone is likely to be a key indicator of direction over the next weeks.
Workday, Inc. (NASDAQ: WDAY)
WDAY is back into its long-term support trendline following the sell-off throughout the entire SaaS industry. It managed to bounce off its Fib level at 137.08, but was unable to close above the half-yearly prior support at 140.
If WDAY loses the 137.08 Fib level, it could see downside continuation into major support confluence down at 117-118.
Otherwise, if WDAY manages to reclaim 140, it could push back into the next major level sitting at 151-152. For WDAY to see more constructive price action and a potential reversal, it needs to minimally break above the brown resistance trendline.
Note that while this is the most oversold that WDAY has been since its IPO (monthly chart), extreme oversold conditions do not necessarily equate to upside. Context is key, and holding the support trendline is probably what bulls need for the oversold condition to mean something.
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$Clorox(CLX)$ $General Dynamics Corp(GD)$ $Workday(WDAY)$ $Apple(AAPL)$ $Microsoft(MSFT)$
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