Stay Crafty When You Are Thirsty
- Posted by Greg Harmon
- on June 18th, 2013
Seems that the whole country is giving up on the big watery tasting beers in favor of craft beers. How do I know? Look at the charts. The craft beer stocks like Boston Beer, $SAM, and Craft Brewers Alliance, $BREW, have been moving higher. The chart for $BREW below shows the price nearing resistance at 8.00 after breaking higher from a Diamond
continuation pattern. The target out of the Diamond takes it to about 8.40 and it has support from a bullish and rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is turning up. The Chart of $SAM shows similar strength, at resistance ready for a break out with RSI bullish and rising and the MACD
moving higher. It also shows a Crab with a Potential Reversal Zone (PRZ) at 189.74.But if you look at Ambev, $ABV, for example, the chart looks horrible and apt to get worse. A downtrend with falling RSI and a MACD that may be leveling. Yes the world is finally wising up. Taste over quantity.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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