Lorillard Inc. or LO as publicly listed in the New York Stock Exchange looks to have broken down from a double top formation. The price went below the said formation’s neckline at $72.07 during the last trading session. If the stock is unable to push itself back above the neckline, we could see it decline to the next support at $65.00. Notice that both the MACD and the RSI indicators are also pointing downward. This suggest that the recent breakdown in prices could further lead to a sell-off. Watch out! For those who are long on this stock, it would be wise if you at least lighten your positions.
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