AI
Wednesday, June 06, 2018 11:35:24 AM
Jack Daniels Whiskey Maker Slides After Earnings, Here Is The Trade Level
Brown Forman Corp (NYSE:BF.B) is a leading manufacturer and distributor of alcoholic beverages under the Jack Daniel's, Finlandia and other brands. Today, the stock is falling lower by 3.88 percent to $53.70 a share. Traders should note that the shares are now trading below its important 50-day moving average. This decline below this key moving average puts the stock in a weak technical position on the charts. There are still some major support levels below that should be watched closely. First, there is the $49.00 area which is a major gap fill from December 5th, 2017. Depending on how the stock reaches that level it could be a major support area. The next major level would be around the $47.50 level which is where there was a major breakout in late November 2017. My best bet level is going to be the $47.50 area, Very often, the institutional money will defend a prior breakout level when initially retested.
Nicholas Santiago
InTheMoneyStocks
Brown Forman Corp (NYSE:BF.B) is a leading manufacturer and distributor of alcoholic beverages under the Jack Daniel's, Finlandia and other brands. Today, the stock is falling lower by 3.88 percent to $53.70 a share. Traders should note that the shares are now trading below its important 50-day moving average. This decline below this key moving average puts the stock in a weak technical position on the charts. There are still some major support levels below that should be watched closely. First, there is the $49.00 area which is a major gap fill from December 5th, 2017. Depending on how the stock reaches that level it could be a major support area. The next major level would be around the $47.50 level which is where there was a major breakout in late November 2017. My best bet level is going to be the $47.50 area, Very often, the institutional money will defend a prior breakout level when initially retested.
Nicholas Santiago
InTheMoneyStocks
