After having fallen a whopping nearly 79% from it's peak in April 2021, SAM appears to be finally turning the corner, after forming a rounded base in the past 7-8 months.
It hit rock bottom on 16 June, right where it was a former low during Covid crisis (March 2020). A month later, there was a strong spike in volume due to earnings beat (by 1.11%, not too fantastic, but still a beat nevertheless). The stock then pretty much went nowhere until last Friday, after it reported a much stronger earnings beat this time.
What is significant this time is that it managed to gap up and close above the base formation neckline @ 396, a 19.7% rise within a day. Weekly RSI is strong and rising.
However there is a near term resistance at 407 and we could see some consolidation around there. Buy the dips is probably a good idea.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
It hit rock bottom on 16 June, right where it was a former low during Covid crisis (March 2020). A month later, there was a strong spike in volume due to earnings beat (by 1.11%, not too fantastic, but still a beat nevertheless). The stock then pretty much went nowhere until last Friday, after it reported a much stronger earnings beat this time.
What is significant this time is that it managed to gap up and close above the base formation neckline @ 396, a 19.7% rise within a day. Weekly RSI is strong and rising.
However there is a near term resistance at 407 and we could see some consolidation around there. Buy the dips is probably a good idea.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!