The bearish DailyPlay we chose for Friday Dec 30th is Garmin (GRMN). GRMN is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 0.54% move lower and its 1m trend has turned bearish yesterday while breaking below its $83.50 support level.
Garmin’s 1m and 6m trends turned neutral and bearish on 12/28 while bouncing lower off its $51 resistance level. With a technical score of 6 (out of 10), GRMN looks positioned to continue this strong bearish trend lower.
As a stop loss, if GRMN was to trade above $51 for multiple days, this would invalidate our analysis and suggest getting out of the trade.