Buy a Pint and Handle of Brew

• Posted by Greg Harmon
• on September 18th, 2014

It’s late in the week, and we have already gotten through the Federal Reserve Open Market Statement, with Alibaba and Scotland votes on tap. Time for a beer. Specifically a Craft Brewers Alliance, $BREW. Not to drink, you still need a clear head for the rest of the week and Option Expiration, but to add to your portfolio.

The chart above tells why. After a long downtrend this year capped by the falling red resistance line, the stock price is now breaking to the upside. Additionally there is a Cup and Handle pattern triggering as the price moves over the most recent prior high level at 13.57. This gives a target to the upside at 17.07, near the start of that red line. That sounds good as it is. But with a little imagination you can see that a move over 15 the late April high would make for another big Cup and Handle, maybe a Pint and Handle that would target 20. Cheers!

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