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6 Stocks to Sell in November

We could be in for some serious profit-taking and perhaps even a correction

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Stock to Sell #6 – Sony (SNE)

Sony (SNE) is recognized worldwide as a quality electronics equipment manufacturer. However, the consumer electronics industry is saturated with products, and weak consumer spending and a lack of revolutionary products is driving sales and profits lower. On Oct. 31, the company reported worse-than-expected quarterly results, causing S&P to lower earnings estimates and cut its price target.

The stock responded by crushing support at its 200-day moving average at $19. It opened a breakaway gap on very high volume and its MACD flashed a major sell signal.

SNE could have a reaction rally back to $18-plus, but shareholders should use any rally as a selling opportunity. Selling at the current price is also warranted. No support is obvious, but it appears that the stock could fall to the low teens.

SNE Chart
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