Beam Suntory Inc : An appropriate purchase level
Entry price | Target | Stop-loss | Potential |
---|
US$56.23 |
US$0 |
US$54.2 |
-100% |
---|
The USD 55.3 support area of the American spirits company, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.
After several weeks of fluctuations within the mid-term range USD 55.3/59.75, the stock is coming back close to the lower limit of the range.
Moving averages are bearish in the short term and technical indicators illustrate the oversold situation. The USD 55.3 area could cause a positive reaction for the coming trading sessions and allow a technical rebound towards the USD 57.5 mid-term resistance and then the long-term target price is USD 59.75.
The trading strategy can benefit from the proximity of the strong support currently tested in order to buy BEAM in a good timing. Investors might placed a stop loss order at USD 54.2 in order to avoid important losses.
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