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.
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.