Leading waste-management company Republic Services (NYSE:RSG) is trading lower by more than 5 percent on the back of a downgrade. The stock tested its 200-day moving average at $62.50 and is holding so far. Unfortunately, the daily chart pattern is signaling further downside.
Level To Watch
Traders need to watch the $59 level – from which RSG broke out in February 2017 – for major support. When stocks retest past break-out levels, they are often defended by the institutional money. Keep $59 on your radar for RSG when it begins trade down.