Leading pharmacy retailer, Walgreens Boots Alliance Inc (WBA), has been steadily declining since early April 2021. At that time, the stock traded as high as $57.05 a share. Since that peak, the shares have fallen below the important 50 and 100-day moving averages. This puts the stock in a weak technical position on the charts and often indicates lower stock prices ahead.
The next major support level for Walgreens Boots Alliance Inc (WBA) stock will be around the $42.50 area. This level is where the stock broke out in early January 2021. Often, when stocks retest their prior breakout level they will be defended by the institutional crowd. There is also a major retrace level at $42.50 that should add strength to the support area when tested.
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