The bearish DailyPlay we chose for Friday, March 16th is Schlumberger (SLB). SLB is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 0.43% move lower and its 1m and 6m trend have turned bearish on 3/14 and recently bounced lower off its $69 resistance level.
Schlumberger’s 1m and 6m trends turned bearish yesterday and recently bounced lower off $69 resistance level. With a technical score of 4 (out of 10), SLB is a weak stock that is starting to trend lower.
As a stop loss, if SLB was to trade above $69 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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