Possible Bearish Inside Day Candle Pattern Detected for Molson Coors Brewing (NYSE:TAP)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Molson Coors Brewing (NYSE:TAP) based on the price action in the company's shares. Today's price range of $96.80 and $97.77 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Molson Coors Brewing may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Molson Coors Brewing Company brews beer through breweries in Canada, the United States and the United Kingdom. The Company conducts operations worldwide.
In the past 52 weeks, Molson Coors Brewing share prices have been bracketed by a low of $63.91 and a high of $99.45 and are now at $97.44, 52% above that low price. The 200-day and 50-day moving averages have moved 0.42% higher and 0.68% higher over the past week, respectively.
Molson Coors Brewing (NYSE:TAP) has potential upside of 14.5% based on a current price of $97.44 and analysts' consensus price target of $111.57. Molson Coors Brewing shares have support at the 50-day moving average (MA) of $92.91 and additional support at the 200-day MA of $85.80.
SmarTrend recommended that subscribers consider buying shares of Molson Coors Brewing on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $89.58. Since that recommendation, shares of Molson Coors Brewing have risen 9.7%. We continue to monitor TAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle molson coors brewing