McCormick (MKC) – Price Cut Overdone – Aug 23rd, 2019

S&P 500 Market Outlook: Neutral & Improving

Bullish Trade: MKC $162.38 – Consumer Staples

The bullish DailyPlay we chose for Friday, Aug 23rd is McCormick (MKC). MKC is part of the Consumer Staples Sector (XLP). XLP has declined 1.69% higher over the past month and its 1m and 6m trend turned bullish on Aug 15th while breaking about its $60 resistance level.

McCormick’s 1m and 6m trend turned bullish on Aug 7th and recently broke above its $160 resistance level. With a technical score of 9 (out of 10), MKC is a strong stock that will likely continue higher.

As a stop loss, if MKC was to trade below $160 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.