Stockalcoholics Anonymous:
There has been some big news as of late in the alcohol arena with the Bud Light controversy which we highlighted in our 4/24 WEEK AHEAD NOTE, but one name that has been in the doghouse for quite some time is the chart below of Boston Beer Company. Two years ago, this name traded above 1300, not a typo, and after shaving 1000 handles since it may be ready to shed some more. The long hangover subsided since last summer as it has essentially traded sideways, but it may be ready to return if this undercuts the very round 300 number. Put it into rehab if that occurs. Others in the group like TAP are surging this week, bubbling higher by more than 9%, trading above a WEEKLY bullish ascending triangle with a pivot right at the round 60 number. HEINY has advanced 19 of the last 25 weeks. BUD is holding up well despite all the banter as it has formed a bull flag of its own. SAM is a clear laggard to the downside, and most like will continue to be as we know trends once in place are likely to remain that way more than they are to reverse.