Bearish – FLIR $48.45 – Technology
The bearish DailyPlay we chose for Wednesday, April 10th is Flir Systems (FLIR). FLIR is part of the Technology Sector (XLK). XLK has rallied 9.17% higher over the past month and its 1m and 6m trend turned bullish on March 11th but has reached a double top and overbought levels.
Flir System’s 1m and 6m trends turned bearish on March 19th while breaking below its $49 support level, which now becomes resistance. With a technical score of 3 (out of 10), FLIR is a weak stock that will likely continue lower.
As a stop loss, if FLIR was to trade above $49 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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