Clean Harbors (CLH): Downside Targets

On February 9, 2012, when the stock was trading at $64.28, we reviewed the Speed Resistance Lines for Clean Harbors (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).


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.

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