Constellation Brands Chart Analysis: $290 Price Objective

Constellation Brands has been in a near perfect 30 year rising channel. The stock has backed off of the upper channel resistance line near $230/share, and has since consolidated sideways. The stock should remain in a sideways consolidation before it prepares for a run to its all time high @ $230. Above $230, the next price objective is $290 (+56% upside from current levels), based on a measured move of the $60 range the stock has been trading in over the past year.


It is important to note that Constellation can trade sideways for a while longer (~15 months), representing dead money until the stock resolves its current consolidation range of $170 - $230. Keep an eye on Constellation and monitor a break of the previous $230 all time highs. The move thereafter will be strong and swift. Constellation Brands is the fastest growing beverage company in the United States, and has an option on the marijuana industry due to its investment in Canopy Growth. U.S. federal legalization could be the catalyst needed to move shares of Constellation higher. 


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