The bearish DailyPlay we chose for Wednesday, Feb 8th is FirstEnergy (FE). FE is part of the Utilities Sector (XLU). Over the last month, XLU has experienced a 7.18% move lower and its 1m and 6m trend has turned bearish on 12/19 and recently broke below its $50 support level.
FirstEnergy’s 1m and 6m trends turned bearish and neutral on 2/6 and recently broke below its $31 support level which now becomes resistance. With a technical score of 5 (out of 10), FE is a neutral stock that is trending lower.
As a stop loss, if FE was to trade above $31 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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