IC Trades: Beverages head for hangover.
Investors Chronicle - magazine and web content, June, 2009
Byline: Dominic Picarda
TRADING IDEA: Another lurch down for the drinks sector beckons
The beverages sector has experienced violent, choppy swings in both directions since peaking in late 2007.
It may have just completed another up-leg, coming up against resistance from a downward sloping line drawn from two of its previous rally-highs. Notice that weekly momentum is also at similar levels to where those episodes came to an end. Assuming we're right about the bearish medium-term direction here, targets lie at 5325, 5060 and 4720. A move above 6580 would suggest beverages would damage our case, though.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on...
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