Estee Lauder (EL) – Bearish DailyPlay for Friday Aug 24th, 2018
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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