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Fan Yang

Boston Beer (SAM) is in a Bullish Breakout

Boston Beer (SAM) could be turning things around, or at least that's what the daily chart is suggest.

SAM Daily Chart 11/30

(click to enlarge)

Trend Shifting:
- The daily chart shows that since early 2015, SAM has been falling. Price fell from about 325 in 2015 to a low just above 145 in 2016. 
- Note that in 2016, the 145 support held twice, which is a break from the prevailing pattern of lower lows. 
- Other than that, we can see price breaking above a falling trendline. 
- This breakout opens up the 195-200, a key support/resistance pivot area. 
- Now, we should start to see support around 170. This would reflect bulls taking over in the short-term, within the context of a medium-term sideways market. 
- A break above 202 would be needed to open up a larger bullish outlook.

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