Bearish DailyPlay for Wednesday April 4th, 2018 – Philip Morris (PM)
The bearish DailyPlay we chose for Wednesday, April 4th is Philip Morris (PM). PM is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 3.20% move lower and its 1m and 6m trend have turned bearish on 3/14 while breaking below its $53 support level which now becomes resistance.
Philip Morris’ 1m and 6m trends turned bearish on 3/15 and recently broke below its $103 support level which now becomes resistance. With a technical score of 3 (out of 10), PM is a weak stock that is likely to trend lower.
As a stop loss, if PM was to trade above $103 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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