Boston Beer Co, Inc. (SAM) has been absolutely decimated on the charts over the past year. The popular beer and alcoholic beverage stock topped out in April 2021 at $1349.98 a share. Since that major top, the stock has collapsed and has recently been trading at around $457.89 a share.
Traders and investors should note that this stock is sharply below its important 50- and 200-day moving averages. In fact, this stock has even been trading below its 50-month moving average, and that is another sign of near-term weakness and lower share prices.
The next major support level for Boston Beer Co, Inc. stock will be around the $350.00 level. This key support area is also where the stock broke out of a long sideways base back in late March 2020. Often, when stocks have severe declines they will be defended by the institutional crowd around prior breakout levels. I will look to be a long side buyer when this major support area is tested.
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