OptionsPlay DailyPlay

The bearish DailyPlay we chose for Thursday Nov 10th is Colgate Palmolive (CL). CL is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 0.15% move lower and it’s 1m and 6m trend turned bearish on 11/8 and recently bounced lower off its $53 resistance level.

Colgate Palmolive’s 1m and 6m trends turned bearish on 10/11 and recently broke below its $71 support level on high volume. With a technical score of 4 (out of 10), CL looks positioned to continue this strong bearish trend lower.

View this Trade Idea on CL

As a stop loss, if CL was to trade above $71 for multiple days, this would invalidate our analysis and suggest getting out of the trade.