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Grab A Bud And Enjoy The Holidays

ByDragonfly Capital
AuthorGregory W. Harmon
Published 12/28/2012, 02:07 AM
Updated 05/14/2017, 06:45 AM

Anheuser-Busch InBev, (BUD), has responded very well technically since breaking out of the consolidation range in September. The Shooting Star September 6 squeezing out of the tight Bollinger bands confirmed a reversal lower the next day. It found support at the 20-day SMA, which is the center line of the Bollinger bands and moved higher, like it had the two previous touches there. The Shooting Star October 5, also after a move higher out of a Bollinger band squeeze, was confirmed lower and this time found the 100-day SMA as support,
BUD
where it found support the last time the Relative Strength Index (RSI) had moved into bearish territory in June. Now it is consolidating in a box with the Bollinger bands as tight as they have been in years. This is setting up to squeeze out in one direction or the other. The bullish RSI and the proximity of the 50 day SMA to the 100 day SMA (like the end of June) bode well for a break to the upside. The target on a Measured Move higher takes it to 94.50 on a break over 90.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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