The bearish DailyPlay we chose for Wednesday June 7th is BB&T (BBT). BBT is part of the Financial Sector (XLF). Over the last month, XLF has experienced a 1.89% move lower and its 1m and 6m trend has turned bearish on 5/30 while breaking below its $23.40 support level.
BB&T’s 1m and 6m trends turned bearish on 5/17 while breaking below its $43 support level on high volume which now becomes resistance. With a technical score of 3 (out of 10), BBT is a strong bearish stock that looks to continue lower.
As a stop loss, if BBT was to trade above $43 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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