Shares of Constellation Brands (STZ) - Get Constellation Brands, Inc. Class A Report  had a rough Thursday, falling 6% to $194.26 after the company released its second-quarter results.

Earnings of $2.91 per share beat estimates by 29 cents per share, while revenue of $2.34 billion grew just 1.7% year-over-year and was in-line with expectations.

Management even raised its full-year earnings outlook and the stock is still down considerably on the day. Is it a dip-buying opportunity?

Causing some issues for the stock are the mark-to-market losses from its stake in Canopy Growth (CGC) - Get Canopy Growth Corporation Report . Cannabis stocks have been stumbling through a painful run lately, and Canopy stock's decline has weighed on Constellation.

The company was saddled with $484 million in equity losses for the quarter, although investors should remember those are not realized losses. Thanks to an accounting change, companies must now report their equity holdings in this manner.

Trading Constellation Brands Stock

Daily chart of Constellation Brands stock.

Resistance between $210 and $212 is clearly defined on the daily chart above. There, Constellation Brands stock runs into the 2019 highs and the 23.6% retracement.

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While shares were trading pretty well ahead of its quarterly results being released on Thursday before the open, the stock isn't trading well now. STZ stock is knifing right through the 20-day and 50-day moving averages, as well as the 38.2% retracement.

However, between $186.50 and $192 should be decent support. Near $192 is uptrend support, a level at which it is Thursday. Below is the 50% retracement near $190 and finally, the 200-day moving averages comes into play near $186.50 and is trending higher.

Aggressive traders can consider buying into these support zones. However, should they fail to buoy STZ stock, investors should heed the warning.

Below the 200-day moving average and a drop to the 61.8% retracement may be in the cards, while $175 sits a little further down.

On the upside, bulls will want to see Constellation Brands stock reclaim the 38.2% retracement near $199 and the 50-day moving average, currently near $201 and starting to trend lower. Above that and the 20-day moving average is on the table and should Constellation Brands reclaim it, a retest of 2019 resistance is possible.

For wild movers like STZ stock, investors would do best to take it one level at a time and consider using smaller allocation sizes.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.