Beer-brewing giant Anheuser-Busch Inbev (NYSE:BUD) has come under selling pressure. The stock has been declining since topping out on October 10, 2017 at $126.50 a share. On Wednesday the brewer traded lower by 0.24 cents to $112.73.
Weak Technicals And Next Support
Traders should note that BUD 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 should be around the $109. – an important retrace level and a place where the stock was defended in July 2017.
Quite often, this kind of chart activity provides a very solid level for a bounce and long trade in the stock.
