New Age Beverages $NBEV is likely in for a longer period of bearish correction. Let's first go back to April:NBEV Daily Chart(click to enlarge)Failed Breakout:- On the daily chart, we can see that price was in a bullish breakout in April.- However, the session high from the breakout has not been challenged since.- This shows that the bullish breakout was weak and that bears were still in charge.- Price eventually settled back into a descending triangle. - Eventually, in early June, price fell broke down the common consolidation support and the 200-day simple moving average (SMA). Bearish Confirmation:- After breaking below below the support at $4.95-$5.00, price visited $4.25 before finding support. This was a previous resistance pivot.- However, after rallying from $4.25, price found the previous support around $5.00 to be resistance.- This is a bearish dynamic and suggests further downside.- In the extended bearish correction scenario, we have the $2.55-$3.00 as the next key support/resistance pivot area. - At this point, I would only consider a buy if price slides to this range. - Even then, the upside might be limited to $5.00 for a while.