SAM - Time to bottoms up?

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!