AI
Wednesday, December 06, 2017 12:02:45 PM
Anheuser Busch Inbev NV (NYSE:BUD) is a leader in the beer brewing industry. Recently, the stock has been coming under selling pressure. BUD stock has been declining since topping out on October 10, 2017 at $126.50 a share. Today, the brewing giant is trading lower by 0.24 cents to $112.73 a share.
Traders should note that BUD stock is now trading below its important 50-day moving average. This chart formation puts the stock in a weak technical position. The next major support level for BUD stock should be around the $109.00 area. This is a very important retrace level and a place where the stock was defended in July 2017. Often, these chart factors will provide a very solid chart level for a bounce and long trade in the stock.
Nicholas Santiago
InTheMoneyStocks
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