Boston Beer Co Inc (SAM) has been absolutely decimated on the charts over the past year. The popular beer and alcoholic beverage stock topped out in April 2021 at $1349.98 a share. Since that major top, the stock has collapsed and currently trades at $458.91 a share. Traders and investors should note that this stock is sharply below its important 50 and 200-day moving averages. In fact, this stock is even trading below its 50-month moving average and that is another sign of near term weakness and lower share prices.
The next major support level for Boston Beer Co Inc (SAM) stock will be around the $350.00 level. This key support area is also where the stock broke out of a long sideways base back in late March 2020. Often, when stocks have severe declines they will be defended by the institutional crowd around prior breakout levels. I will look to be a long side buyer when this major support area is tested.
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