Brown-Forman Corporation : The USD 61 support area is tested
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$63.6 | $0 | $59.8 | -100% |
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.
Technically, the security fell sharply for several weeks. This fall has lead Brown-Forman Corporation towards the USD 61 support area which could become useful as a stepping stone for a technical rebound. The target of this bullish trend is the USD 70.2 long term resistance. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest in Brown-Forman Corporation.
Therefore, the proximity of the USD 61 support is an opportunity to take a long position in Brown-Forman Corporation. The first goal is a return in the USD 70.2 resistance area. A stop loss order can be placed under the mid-term support.