Bearish – APC $ 43.84 – Energy
The bearish DailyPlay we chose for Friday, Feb 22nd is Anadarko Petroleum (APC). APC is in the Energy Sector (XLE). XLE has rallied 5.00% higher over the past month and its 1m and 6m trend turned bullish and neutral on Jan 29th but has failed to break above its $67 resistance level and is currently overbought.
Anadarko Petroleum’s 1m and 6m trends turned bearish on Feb 6th and broke below its $46 support level which is now resistance. With a technical score of 2 (out of 10), APC is a weak stock that will likely continue lower.
As a stop loss, if APC was to trade above $46 for multiple days, this would invalidate our analysis and suggest getting out of the trade.