Clean Harbors Inc (NYSE: CLH)

Clean Harbors, Inc., through its subsidiaries, provides environmental, energy, and industrial services in the United States, Puerto Rico, Canada, and internationally. It operates in four segments. The Technical Services segment offers hazardous material management services, including the packaging, collection, transportation, treatment, and disposal of hazardous and non-hazardous waste at company-owned incineration, landfill, wastewater, and other treatment facilities. The Field Services segment provides various environmental cleanup services on customer sites or other locations on a scheduled or emergency response basis, including tank cleaning, decontamination, remediation, and spill cleanup; used oil and oil products recycling. The Industrial Services segment offers industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking, material processing, and industrial lodging services to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. The Oil and Gas Field Services segment provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration, production, and power generation.
To review Clean's stock, please take a look at the 1-year chart of CLH (Clean Harbors, Inc.) below with my added notations:
For almost the entire last year, CLH has been stuck within a common pattern known as a rectangle. Rectangle patterns form when a stock bounces between a horizontal support and resistance. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. CLH's rectangle pattern has formed a $60 resistance (red) and a $50 support (green). The stock has just hit resistance again and appears to be headed back down to support.

The Tale of the Tape: CLH has formed a rectangle pattern. The possible long positions on the stock would be either on a pullback to $50, or on a breakout above $60. The ideal short opportunity would be on a break below $50.
Please share this article