Here's The Level To Pour From The $TAP

Here's The Level To Pour From The $TAP

Last week, leading beer manufacturer, Molson Coors Brewing Co (NYSE:TAP) reported earnings that were worst than expected. The stock tumbled lower by 13.0 percent on May 2nd after the announcement. Traders should note that TAP stock is now trading sharply below its important 50 and 200-day moving averages. This formation puts the stock in a weak technical position and often signals further downside near term. The next major support level for TAP stock will be around the $51.00 area. This level is where the stock broke out in October 2013. Often, when a major break-out level from the past gets tested it will serve as major chart support. This is a trade level where I will be looking to go long on TAP stock.




Nick Santiago
InTheMoneyStocks