The bearish DailyPlay we chose for Wednesday, April 4th is Philip Morris (PM). PM is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 3.20% move lower and its 1m and 6m trend have turned bearish on 3/14 while breaking below its $53 support level which now becomes resistance.
Philip Morris’ 1m and 6m trends turned bearish on 3/15 and recently broke below its $103 support level which now becomes resistance. With a technical score of 3 (out of 10), PM is a weak stock that is likely to trend lower.
As a stop loss, if PM was to trade above $103 for multiple days, this would invalidate our analysis and suggest getting out of the trade.