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Anheuser-Busch InBev (BUD) Still Looks Bearish

Anheuser-Busch InBev $BUD was bullish in 2017, coming up from a late-2016 low around 98.30 to a high just above 126 by the end of October. However, price action since then suggests BUD is either in a significant bearish correction, or a bearish trend.

BUD Daily Chart

(click to enlarge)

Bears in Charge:
- The daily chart shows that price broke below a rising trendline and key support around 116 before the end of 2017. 
- Since then , price found support around 110 and has bounced back up. 
- However, we saw that the previous support around 116 is now acting as resistance.
- Furthermore, the RSI came back up to 60 after it dipped below 30. But it held mostly under 60 and is now turning lower. 
- These are signs that at least in the short to medium-term (next week to month), BUD still has bearish momentum.
- We should anticipate another visit to the 108-110 area. 
- Below that look for support around 105.90-106 and at 100. 

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