The bearish DailyPlay we chose for Friday, Dec 14th is Nike (NKE). NKE is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 3.48% move lower and its 1m and 6m trend have turned bearish on 12/4 and recently bounced lower off its $105 resistance level.
Nike’s 1m and 6m trends turned bearish yesterday and recently bounced lower off its $75 resistance level. With a technical score of 8 (out of 10), NKE is a strong stock that is starting to turn lower.
As a stop loss, if NKE was to trade above $105 for multiple days, this would invalidate our analysis and suggest getting out of the trade.