Bearish DailyPlay for Wednesday Feb 8th, 2017 – Dollar Tree (DLTR)
The bearish DailyPlay we chose for Wednesday Feb 8th is Dollar Tree (DLTR). DLTR is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 1.01% move higher but its 1m trend has netural on 2/6 and just broke below its $84.50 support level.
Dollar Tree’s 1m and 6m trends turned bearish on 2/6 while bouncing lower off its $78 resistance level. With a technical score of 2 (out of 10), DLTR is a strong bearish stock that looks to continue lower.
As a stop loss, if DLTR was to trade above $78 for multiple days, this would invalidate our analysis and suggest getting out of the trade.