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Boston Beer (SAM) retreats from tough resistance

In the recent months, Boston Beer (SAM) has been mounting a bull run, rallying from a low on the year of 145.33 up to about 195.30.

SAM Daily Chart 8/31

(click to enlarge)

Key resistance:
- When price reached 195, it entered a key resistance area. 
- First of all, this is a key support/resistance area.
- This area was also reinforced by a falling trendline.

Retreat; key support:
- After putting pressure on the 195.00 resistance throughout August, price is retreating.
- If price does retreat, we should look at the 170 area as key support.
- Note a support/resistance area around 170.
- This is where the bottom of the 200-, 100-, and 50-day simple moving average (SMA) cluster.
- There will also be a rising trendline.
- Also, we should monitor the daily RSI as it approaches 40.
- If we see price flattening around 170 and the RSI turn up around 40, we should anticipate another attempt towards 195.
- A break below 170 however reflects the continuation of the prevailing bearish mode since the beginning of 2015, when price reached 325.

The most recent news on SAM from

In the company’s insider trading activities, ROPER MARTIN F; President and C.E.O. of Boston Beer Co. Inc. sold 7000 shares worth of $1337826 in a transaction on 29 Aug 2016. In this transaction, these shares were sold at value of $191.12 per share, according to the information disclosed by the Securities and Exchange Commission in a Form 4 filing on 30 Aug 2016. (More on