Bearish DailyPlay for Thursday Dec 1st, 2016 – Clorox (CLX)
The bearish DailyPlay we chose for Thursday Dec 1st is Clorox (CLX). CLX is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 4.20% move lower and its 1m and 6m trends turned bearish today while bouncing lower off its $51.50 resistance level.
Clorox’s 1m and 6m trends turned bearish on 11/22 while bouncing lower off its $118 resistance level. With a technical score of 2 (out of 10), CLX looks positioned to continue this strong bearish trend lower.
As a stop loss, if CLX was to trade above $118 for multiple days, this would invalidate our analysis and suggest getting out of the trade.