Bearish DailyPlay for Tuesday August 29th, 2017 – HCP Inc. (HCP)
The bearish DailyPlay we chose for Tuesday August 29th is HCP Inc. (HCP). HCP is part of the Real Estate Sector (XLRE). Over the last month, XLRE has experienced a 0.03% move lower and its 1m and 6m trend remains bullish but just bounced lower off a triple top yesterday.
HCP Inc’s 1m and 6m trends turned bearish on 8/1 and just bounced lower off its $30 resistance level. With a technical score of 3 (out of 10), HCP is a strong bearish stock that is likely to continue lower.
As a stop loss, if HCP was to trade above $30 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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