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 since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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