Kimberly Clark Reverses After Last Week's Earnings Pop
InTheMoneyStocks.com | Apr 23, 2019 01:48PM ET
Consumer goods giant Kimberly-Clark (NYSE:KMB) reversed sharply lower Tuesday, trading down by $4.23 to $126.02 a share. The stock soared to new 52-week highs after reporting earnings on Monday when KMB traded as high as $132.47. Traders must always be cautious when stocks reverse so much of there recent gains from a break-out. Often a reversal of this magnitude could signal much more downside in the near term. Please understand that while the stock is still in an up-trend and trading above its 20- and 50-day moving averages, a reversal like this usually signals further downside in the shares.h3 Support/h3
There are several support levels coming up such as the gap fill from the April 18, 2019 close, the 50-day moving average and the $118 break-out level. Out of all of these near-term support levels the $118.00 area looks like the best area for a solid bounce.
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