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  • Clean Harbors On The Cusp Of Major Declines 0 comments
    Aug 13, 2012 8:27 PM | about stocks: CLH

    On February 9, 2012, when the stock was trading at $64.28, we reviewed the Speed Resistance Lines for Clean Harbors (NYSE:CLH). At that time we indicated the Clean Harbors had the following downside targets (found here):

    • $43.53
    • $31.00
    • $22.53

    Currently, Clean Harbors (CLH) has declined to the $54.80 level which, in our view, happens to be a critical support level for shareholders of the stock. As can be seen in the chart below, the price of CLH fell below the 200-day moving average (red line) on June 1, 2012. Additionally, on three occasions the price of CLH attempted and failed to exceed the 200-day moving average (red line).

    (click to enlarge)

    CLH is now bouncing along the support level of $55 (blue line). It is not clear whether the stock is going to retest the 200-day moving average which presently sits at $61.94. However, any additional decline in the stock price will likely lead to falling to $47.83.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: CLH
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