Leading spirit and wine maker, Brown Forman Corp (BF.B), is falling sharply after reporting earnings that failed to impress Wall Street. The maker of Jack Daniel’s whiskey is trading lower by 5.26% to $475.46 a share. Brown Forman Corp (BF.B ) stock is now breaking below its important 200-day moving average. This puts the stock in a weak technical position on the charts and often indicates lower stock prices ahead.
Traders should now watch the $68.50 area for very strong chart support. This is where the stock reversed higher from a sharp decline in late March 2021. Often, prior reversals will be very strong support when they are initially retested. There is also a major retrace level around this support area that should add to the strength of the support level. I will be watching this area for a potential long side trade in Brown Forman Corp (BF.B) stock.
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