AI
Wednesday, December 13, 2017 12:23:32 PM
Don't Hit The TAP On Molson Coors Brewing Just Yet
Today, leading brewery stock Molson Coors Brewing Co (TAP:NYSE) is trading lower by 0.64 to $79.51 a share. This stock has been steadily declining since October 2016 when the stock traded as high as $112.19 a share. TAP stock is now trading below its important 50 and 200-day moving averages, this indicates technical weakness. Traders should also note that there is bearish weekly chart pattern forming in the stock. This suggests that the stock could still have one more decline in the cards. Traders should now watch $72.50 area for major chart support. This level was where the stock broke out in September 2015. Often, prior break-out levels will serve as major support when retested. This looks to be a solid trade area for TAP stock.
Nicholas Santiago
InTheMoneyStocks
Today, leading brewery stock Molson Coors Brewing Co (TAP:NYSE) is trading lower by 0.64 to $79.51 a share. This stock has been steadily declining since October 2016 when the stock traded as high as $112.19 a share. TAP stock is now trading below its important 50 and 200-day moving averages, this indicates technical weakness. Traders should also note that there is bearish weekly chart pattern forming in the stock. This suggests that the stock could still have one more decline in the cards. Traders should now watch $72.50 area for major chart support. This level was where the stock broke out in September 2015. Often, prior break-out levels will serve as major support when retested. This looks to be a solid trade area for TAP stock.
Nicholas Santiago
InTheMoneyStocks
