Brown-Forman Corp (BF.A) is a $27.6B company that manufactures and distributes alcoholic beverages.
The stock has been stuck within a broad range for almost three years, reminding investors that sideways is also a trend.
Price is pressing against the lower ends of this range as sellers threaten to violate this support level.
The flat 200-day moving average does not give us enough information about price action.
As you can see in the lower pane, BF.A has been underperforming the broader market in recent years. This action could support a potential downward resolution on absolute terms.
The line in the sand for BF.A lies at 57. If we break below this area, look down and expect further downside. Until then, it's sideways for longer.
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