Clean Harbors Could Climb to the Next Round Number
The upside potential for this industrial sector stock is very attractive.
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Clean Harbors CLH is the largest hazardous waste disposal company and the largest re-refiner of used oil in North America.
Let's check out the charts and indicators to see if the stock is harboring potential upside.
In the daily bar chart of CLH, below, I see a positive-looking setup. The shares are in an uptrend and trade above the rising 50-day moving average line and above the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line shows a steady rise from late November. The Moving Average Convergence Divergence (MACD) oscillator has spent much of the year above the zero line.
In the weekly Japanese candlestick chart of CLH, below, I can see an impressive rise over the past two years. Prices trade above the rising 40-week moving average line.
The weekly OBV line is strong and the MACD oscillator is bullish.
In this daily Point and Figure chart of CLH, below, I can see a price target in the $305 area.
In this weekly Point and Figure chart of CLH, below, I see a price target in the $301 area.
Bottom-line strategy: Traders could go long CLH closer to $220 if available. Risk to $205. The $300 area is my price objective.
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