The bearish DailyPlay we chose for Wednesday Oct 19th is Panera Bread (PNRA). PNRA is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 0.4% move higher but it’s 1m and 6m trend turned bearish on 10/11 and recently bounced lower off its $80 resistance level.
Panera Bread’s 1m and 6m trends turned bearish on 9/13 and recently broke below its $200 support level on high volume. With a technical score of 2 (out of 10), PNRA looks positioned to continue this strong bearish trend lower.
As a stop loss, if PNRA was to trade above $200 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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