Boston Beer Is Close to its 50 Day Moving Average
Published on Wednesday, 11 July 2012 08:36 Written by TradersHuddle Wire
New York, July 11th (TradersHuddle.com) - Boston Beer Company, Inc. (NYSE:SAM) closed the trading day at $113.71, near its 50 day moving average that is set at $110.73. Boston Beer's price action is just above this important support level, providing a trading opportunity.
The Boston Beer Company, Inc. (NYSE:SAM) produces a variety of craft-brewed beers at various contract breweries and Company-owned breweries. The Company sells its products under brand names such as Boston Beer Company, Oregon Beer and Samuel Adams.
The peaks and troughs algorithm shows calculated support at $101.79 and calculated resistance at $128.07. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Boston Beer should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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