The bearish DailyPlay we chose for Tuesday March 21st is M&T Bank (MTB). MTB is part of the Financial Sector (XLF). Over the last month, XLV has experienced a 0.51% move lower and its 1m trend has turned neutral on Friday while underperforming the S&P500 this past month.
M&T Bank’s 1m and 6m trends turned bearish on 3/17 and recently broke below its $165 support level on high volume. With a technical score of 9 (out of 10), MTB is a bearish turnaround stock that has likely topped and heading lower.
As a stop loss, if MTB was to trade above $165 for multiple days, this would invalidate our analysis and suggest getting out of the trade.