Thursday, January 24, 2019 2:10:30 PM
This afternoon, leading fine art auction company, Sotheby's (NYSE:BID) is trading lower by nearly 5.0 percent to $39.01 a share. This stock peaked in June 2018 at $60.16 a share. Traders can easily see how the stock has been very weak lately and trading in a choppy range over the past few months. It is important to note that the stock is trading below its 200 and 50-day moving averages. Traders must now watch for lower prices ahead in the near term. One level that catches my eye for this stock is around the $33.50 area. This level is where the stock broke out in August 2016. Often, stocks will be defended when they retest prior break-out levels.
Nick Santiago
InTheMoneyStocks
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