Last week, we noted that Boston Beer Company $SAM was bullish as price action broke above a rounded bottom as well as the 200-week simple moving average (SMA). This week, the market indeed extended the breakout. If there is a pullback, SAM would be a buy-the-dip candidate.

SAM Weekly Chart

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Breakout:
- The weekly chart shows how price broke above some key resistance levels last week.
- The fact that the RSI held above 40 while price bounced off the 100- and 50-week SMA in March added to the bullish outlook.
- The daily chart shows the bullish extension. 
- The RSI is showing overbought condition. 
- Now, if price indeed pulls back, we might want to focus on the $200 area. Also, we might want to wait for the RSI to pullback to 40-50 area. A bullish market will likely maintain the RSI above 40, so it would be a good time to consider buying on the dip. 
- There will be a key resistance around $260. 
- Above $260, there is upside to the $300 mark, and even the 2015 high around $320. 

SAM Daily Chart

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