The bearish DailyPlay we chose for Friday, Aug 24th is Estee Lauder (EL). EL is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 3.10% move higher and its 1m and 6m trend turned bullish on 8/14 but recently bounced lower off its $55 major resistance level.
Estee Lauder’s 1m and 6m trends turned bearish yesterday and recently bounced lower off its $138 resistance level. With a technical score of 3 (out of 10), EL is a bearish stock that is likely to continue trending lower.
As a stop loss, if EL was to trade above $138 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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