Leading fine art auction company Sotheby’s (NYSE:BID) traded lower by nearly 5 percent Thursday to $39.01 a share. The stock peaked in June 2018 at $60.16 a share. Traders can easily see how BID has been very weak lately, 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.
Price Watch
Traders must now watch for lower prices ahead in the near term. One level that catches my eye for the stock is around the $33.50 area. That's where the stock broke out in August 2016. Often, stocks will be defended when they retest prior break-out levels.