Budweiser continuing its balance levels after gaining over 200 points in recent months.

The share’s current trading price sits at $21.70, and from a technical aspect some stability is established. The major support level is just below the 38.2% Fibonacci, sitting at $20.82. A break below this could see the stock slide towards the low $20’s where the lower level of Fibonacci is based (23.6%). Towards the upside, minor resistance sits at the 50% fib ($21.95) followed by further resistance at $22.76 (61.8% fib). A break above the 61.8% fib level could potentially see the stock climb towards the next Fibonacci level of 76.4%. However, if this was to take place, it would be more likely in the mid-term. MACD is currently positive but gradually turning negative and RSI reads 44, also negative. Although the indicators suggest that Budweiser has a firm supportive base and potential for further gains is still there.