Constellation Brands ( STZ ) has completed a Extended Bat Pattern.
Based on this and with the broad market at it back I target $199 as a profit objective. Above that I have a $250 target. But baby steps first.
Today's bounce signals a potential bottom.
Aggressive traders could probe the long side of STZ at current levels after the profit warning sell off two days ago.
Risk a close below $144 and look for a recovery back to the $195-$200 area in the months ahead.
The gap from Jan 7th opening around the $166.70 level was filled.
Note this is a 2400 minute (4 hour) chart.
Lets see what happens.