Leading consumer-staple stocks sold off sharply in early North American trade on Wednesday. Stocks like Kimberly-Clark (NYSE:KMB), Procter & Gamble (NYSE:PG), Clorox (NYSE:CLX) and Colgate-Palmolive (NYSE:CL) took a real beating. And while all of these stocks have struggled since late June, many are now nearing important support levels for a trade.
Watch This Price Point
Kimberly Clark has been selling off since June 26, 2017 when it traded as high as $134.29. Since that pivot high, the stock has plunged to $116.63 a share. Traders and investors should now watch the $115 level for major support – a level from which the stock broke out back in January 2017.
Just remember that when a stock retests a break-out level, it often serves as major support that tends to be defended by the institutional money.
