$JSEANH Anheuser setting up for a short term buying opportunity
Anheuser-Busch Inbev looks to be setting up for a long trading opportunity off a good level of support between R1352.00 - R1362.00. Firstly, this level ties in with the uptrend support level which formed from the lows where the stock bottomed back in January of this year. Secondary level of support is provided by the 89/100 day moving averages (orange/red lines) which provided support on the pullback in July of this year. Thirdly, the level of +- R1352.00 is the lateral level of support above which the stock has consolidated during the last 3 months. Lastly, the RSI indicator has provided solid support for the stock off the 40 level which has held once more.
It is quite evident that the levels between R1352 - R1362 have many different indicators of support which supports a high probability view that the stock could start to lift off current levels.
Look to buy any weakness into the support zone (R1352 - R1362) using a stop loss as a close below R1350.00. Should the stock start to gain momentum, i would look to bank at two respective targets which provided recent resistance on the upside. 1st Target R1440, 2nd Target R1480.
It is quite evident that the levels between R1352 - R1362 have many different indicators of support which supports a high probability view that the stock could start to lift off current levels.
Look to buy any weakness into the support zone (R1352 - R1362) using a stop loss as a close below R1350.00. Should the stock start to gain momentum, i would look to bank at two respective targets which provided recent resistance on the upside. 1st Target R1440, 2nd Target R1480.
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