STZ appears to be poised for a breakout above relative highs not seen since December of last year when it was in a short period of decline within a much larger period of consolidation. The daily and 4-hr timeframes show a consistent since mid-march. Additionally, a new short-term zone of support appears to have been established by the market in the low to mid $220's.As of last week, I have my notes from 5.12 showing that a declining wedge on the 4-hr timeframe was taking shape with that support zone and a trendline of lower highs. Please see my note in the elliptical highlight.
The first stage of the breakout has occurred with the buyers stepping in at the ~$232 price point. If STZ continues its upward trend and doesn't get rejected at the $235 level expect an accelerated uptrend in the near term.
Strategies to profit would be to establish a position through buying shares, selling puts, or buying calls. Selling or buying long spreads would be reasonable as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.