Heineken reported in Europe today and saw a decline in sales throughout the world which has sent the stock lower. BUD reports earnings today and this chart is very interesting. Looking at this chart, on one hand you have the pattern that has been forming on most charts with a bounce at support meeting the downtrend from last week. Most stocks are breaking above the trendline, especially after yesterday’s bullishness. A break of this trendline would be at 98.39, which would be a bullish sign.
On the other hand, BUD has created a descending triangle pattern with the possibility to go lower, especially if it reports a bad number. There is a tendency to lean towards following this chart pattern. The bearish trade would start with a break below 96.16 and would be confirmed with a break of 94.66, there is little support below this level.
Pattern: Descending Triangle/Support Bounce
Breakdown Level: 96.16- 94.66 (Break of this level send the stock much lower)
Breakout Level: If BUD bounces here, a break of 98.39 would send the stock higher.
Bearish Stop: Above 96.16 after a breakdown
Bullish Stop: Below 98.39
Bearish Price Target: 91.10
Bullish Price Target: 101.86
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BUD: Possibility To Go Lower
Published 04/24/2013, 07:46 AM
Updated 07/09/2023, 06:31 AM
BUD: Possibility To Go Lower
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