Heineken's stock price tried to break out higher in yesterday's session but got rejected, now heading lower. Earnings are due Monday, will that provide the boost?

Brief technical analysis on Heineken as the German beverage giant is expected to report earnings on Monday. We can see that since October last year, the longer-term bullish trend is still in play, but there has been a retracement and some profit-taking which began mid-May. The price has now created a new base of support at €92.35, which also correlates with the ascending trendline. In yesterday’s session, we did see an attempt of a breakout higher, but the market rejected. As a result, we may see a slight pullback with minor support sitting at €96.95 followed by €96.13. A dip below €96.13 could see a test of support along the lower trendline (€94.57 – key level). The resistance is now located along the upper trendline at €98.31 followed by €99.30, a break and close above €99.30 would be an indication for a possible continuation of the bullish trend. Looking at the technical indicators, MACD is slightly positive but volume starting to fade after yesterday’s rejection, and RSI is also faltering as it has now entered a natural position.