20 Stocks That Are Breaking Down
Lately, I've been updating this bearish stock screen on a weekly basis, and preferably right after a descent bounce in the market that allows for prices in stocks across the board to creep back in to overbought territory.
What we have below is a handful of stocks that are showing signs of, or already in the process of, breaking down as the smart money appears to be leaving them in a subtle manner. There are stocks trading at its peak and finally showing some vulnerability, while on the other extreme there are stocks that had been in a channel near or at its lows, before finally breaking down below those lows.
There is some oil/gas companies along with utilities that are popping up all over this particular screen. Of those listed though, I am liking Foot Locker (FL), which is a shoe retailer, the best. This stock has two things going against it that provides an intriguing reward/risk setup to the short side. First, the stock has broken its trend-line from its November lows and the old trend-line is now acting as overhead resistance, and secondly, it is bouncing up against the new downward trend-line right above it.
Here are 20 Stocks That Are Breaking Down.