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Church & Dwight Company Inc. (NYSE: CHD) CHD share price recovered the gains and has retained the cluster of $90. In the past sessions, a breakdown below the neckline of $92 was witnessed and CHD stock has retested $85, thereafter, a sharp recovery was noted. Additionally, CHD stock reclaimed the zone near 100 day EMA which trapped the mighty bears. Furthermore, the price action shows the double bottom pattern near $75.
CHD stock price is trading close to the 100 day EMA and surpassed the neckline of $90 indicating a breakout on the charts. Moreover, the price action showcased the short covering move and suggested that follow on buying will continue and CHD stock may claim $100 soon. Per the options chain, at the strike price of $90, open interest of 800 hundred shares on the call side, which showcased that sellers were trapped and are in trouble now.
At press time, CHD stock price was $92.24 with an intraday gain of 0.72% suggesting yesterday’s session was bullish. Moreover, trading volume increased by 0.56% to 1.90 Million while the market cap is $22.695 Billion. However, analysts have maintained a neutral rating with a yearly target price of $97.92.
Church & Dwight Co., Inc. engages in the development, manufacture, and marketing of household, personal care, and specialty products. It operates through the following segments: Consumer Domestic, Consumer International, Specialty Products, and Corporate. The Consumer Domestic segment offers household products, such as laundry detergents, fabric softener sheets, cat litter, and household cleaning products, and personal care products including antiperspirants, oral care products, depilatories, reproductive health products, oral analgesics, nasal saline moisturizers, and dietary supplements. The Consumer International segment sells personal care products, household and over-the-counter products in Canada, France, Australia, China, the United Kingdom, Mexico, and Brazil.
Will CHD Stock Strike $100 Mark Ahead of Q3 Results?
On the daily charts, CHD stock price was close to the 100 day EMA and buyers have started gaining traction and are looking to fetch $100 in the upcoming sessions. CHD stock is close to the breakout level of $95, which, if surpassed, a sharp run toward $100 is likely.
As per the Fib levels, CHD stock price has surpassed the 50% Fib zone and is heading toward the 61.8% zone. However, the CHD share price is above the mid bollinger band. The RSI curve stayed in the overbought zone and showed a positive crossover suggesting that buying action will continue in the upcoming sessions.
The MACD shows green bars on the histogram suggesting a positive outlook.
Summary
CHD stock price is close to the 100 day EMA and showed buying interest. Moreover, the price action witnessed the short covering move and sellers stayed on the backfoot and seemed trapped due to the sharp recovery. However, the option chain shows that $95 is a make or break level, which if surpassed, the uptrend will continue, in the other case, CHD stock will retest the bottom near $80.
Technical Levels
Support Levels: $90 and $84
Resistance Levels: $95 and $100
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
