JSE:ANH ANHEUSER-BUSCH INBEV SA NV
ANH recent price action had price going below 12 June 2023 price, this represent a failed weekly cycle signalling that price is ready to decline into a yearly low price. We see price being rejected at the upper resistance. It is important to note that we have a pennant that is near resolution, it can break either way, if to the upside this can give short sellers a higher point of entry. The expectation is that price will visit the lower pink support line, if we follow timing of previous cycle, we can find a bottom in Feb/March 2024.
Though we are in yearly decline, there is a possibility we have seen a short weekly cycle that can potentially reach a double top. Short must be aware & can possibly cut the short position.
Price indeed confirmed a short weekly cycle & is reaching a level we expect price to be restricted.