BGG Breaks Down: Watch This Level
InTheMoneyStocks.com | Jan 25, 2018 01:28PM ET
After reporting earnings Wednesday night, gasoline engine manufacturer Briggs & Stratton (NYSE:BGG) took a hit. By the time the stock opened in NY trading on Thursday, BGG was trading lower by nearly 10% to $24.57 a share. The stock is now trading just above its 100-day moving average at $24.29, which still represents daily chart support. A daily close below this level will be a negative for the stock and signal further downside.
There is strong institutional support for BGG around the $22.40 area, which is where it was defended last October. Remember that prior support levels often serve as solid trade opportunities when retested.
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