Constellation Brands Inc. 07/10/2021

Hello Traders and welcome to AAATrade’s Intraday Technical Analysis session.
Today’s instrument is the Constellation Brands Inc. stock traded in the NYSE exchange under the ticker STZ. 
If we look at the STZ Daily chart, we can see its downward trend for the past months, extending the losing streak since its all-time high of $241 back in May, showing an inability to stabilize and consolidate at price level after brief selloff bouts. Its last traded price was at $211 price range, between a month-long channel between support of $208 and resistance of $219.
Constellation Brands Inc. had scheduled third-quarter earnings announcement yesterday 06/10/2021. Even though it missed the EPS forecasts, the earning expectations were surpassed, but there wasn’t any significant market reaction. 
Today we could expect a pattern continuation and a fall near or below the $208 support level.

If however, it manages to hold above the current price range of $211 then a case can be made for moving towards the $215 price level.
Thank you for reading AAA Trades Intraday Technical Analysis.
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