Bearish DailyPlay for Wednesday Jan 31st, 2018 – SL Green (SLG)
The bearish DailyPlay we chose for Wednesday, Jan 31st is SL Green (SLG). SLG is part of the Real Estate Sector (XLRE). Over the last month, XLRE has experienced a 3.80% move lower and its 1m and 6m trend has turned bearish on 1/29 while breaking below its $32 support level.
SL Green’s 1m and 6m trends turned bearish and neutral on 1/4 and recently bounced lower off its $99 resistance level. With a technical score of 3 (out of 10), SLG is a weak stock that is trending lower.
As a stop loss, if SLG was to trade above $99 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
Learn to Trade Options w/ OptionsPlay’s new Educational Webinar Series!