The bearish DailyPlay we chose for Tuesday, July 17th is Parker Hannifin (PH). PH is part of the Industrial Sector (XLI). Over the last month, XLI has experienced a 2.86% move lower and its 6m trend turned bearish on 6/19 while breaking below its $75 support level which now becomes resistance.
Parker Hannifin’s 1m and 6m trends turned bearish yesterday and recently bounced lower off its $160 resistance level. With a technical score of 2 (out of 10), PH is a weak stock that will likely trend lower.
As a stop loss, if PH was to trade above $160 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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