Ice Cold Beer Anybody? (BUD)
Anheuser Busch InBev is showing a very similar pattern compared to a lot of other stocks I have reviewed as of lately.
Overall clearly in a downtrend with a very significant drop.
Based off current candles, recent channel top and ema dots, I think we could go towards the green level of support for about a 5% move.
You will then look for the indicators to align to play off of that to see how strong this recovery channel is so far.
A strong buy for bud would be a breakout above previous high out of downward major resistance listed with red arrow.
If we do correct to green support area and no indicators line up then look for a breach and that's where you can add to the short.
Nice pattern to play.
Overall clearly in a downtrend with a very significant drop.
Based off current candles, recent channel top and ema dots, I think we could go towards the green level of support for about a 5% move.
You will then look for the indicators to align to play off of that to see how strong this recovery channel is so far.
A strong buy for bud would be a breakout above previous high out of downward major resistance listed with red arrow.
If we do correct to green support area and no indicators line up then look for a breach and that's where you can add to the short.
Nice pattern to play.
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