OptionsPlay DailyPlay

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.

View this Trade Idea on PNRA

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.