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- 1 CLH stock price surged 1.17% in the last trading session and is currently trading at $174.73.
- 2 Clean Harbors’ share (NYSE: CLH) has turned out to be a multi-bagger stock for investors gaining more than 24% in the past 3 months.
CLH stock price has been in a very strong uptrend for the past 6 months yielding a return of more than 31% and has gained nearly 25% in the past 3 months. The price has outperformed the expectation of the analysts and is continuing its upwards journey after the disclosure of the quarterly results as the company incurred a net profit of $115.8 Million.
The quarterly results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.09 per share but the reported earning came out to be $2.19 per share outperforming the expectation of the analysts. The environmental services company posted revenue of $1.4 billion.
Clean Harbors, Inc. (NYSE: CLH) is a company that offers various services for the environmental, energy, and industrial sectors. Its main segments are Environmental Services and Safety-Kleen Sustainability Solutions. The former includes technical, industrial, field, oil, gas, and lodging services. The latter focuses on recycling and reusing waste oil and other materials.
CLH stock option-chain analysis states that the current implied volatility in the market is 24.02% with a decrement of 0.23% in the last trading session. The at-the-money strike price has 49 open contracts on the put side and 75 open contracts on the call side indicating the dominance of sellers at the current level. The PUT/CALL ratio is 0.32 indicating that call writers dominate the market as per the data.
CLH Stock Investors Bullish as the Quarterly Results Outperformed the Analyst’s Expectations.
Currently, CLH stock price currently trades at $174.73, and the price consolidated for nearly 1 month, waiting for the quarterly results to form a descending triangle pattern.
The Quarterly results were optimistic leading to a breakout to the upside. The short-term outlook for the stock price remains on the optimistic side as the stock is in a strong trend and the outperforming quarterly results have added another thrust to the strong trend.
The long-term outlook of the price trend is positive until the price trades above the previous demand zone. Also, the analysts suggest that investors should be cautious below the level of $164.36 as the price may head down for a profit booking if breaks below the level.
The Technical Indicators Signaling a Strong Uptrend in the Short Term
The daily CLH stock price chart shows that the price is trading above the 50 and 200 EMA indicating a strong uptrend prevailing in the market. The overall Technical Opinion rating including RSI and MACD is signaling a 100% buy with a strong short-term outlook on maintaining the current direction.
Conclusion
CLH stock price prediction concludes that the stock price is maintaining a very strong uptrend for the past 6 months yielding a return of more than 31%. The price consolidated for nearly 1 month, waiting for the quarterly results to form a descending triangle pattern. The quarterly results topped Wall Street expectations leading to a breakout to the upside. The short-term outlook for the stock stands on the positive side until the price is trading above $164.64. The technical indicators are also leaving a positive note on maintaining the current trend in the short term.
Technical Levels
- Support levels: $164.6 and $158.07.
- Resistance levels: $174.73 and $179.77.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
