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Possible Bearish Inside Day Candle Pattern Detected for Molson Coors Brewing (NYSE:TAP)

By Nick Russo

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 $94.82 and $95.76 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.

In the past 52 weeks, shares of Molson Coors Brewing have traded between a low of $63.91 and a high of $112.19 and are now at $94.92, which is 49% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.0%.

Potential upside of 23.2% exists for Molson Coors Brewing, based on a current level of $94.92 and analysts' average consensus price target of $116.91. The stock should discover initial support at its 50-day moving average (MA) of $93.64 and subsequent support at its 200-day MA of $86.21.

Molson Coors Brewing Company brews beer through breweries in Canada, the United States and the United Kingdom. The Company conducts operations worldwide.

SmarTrend is tracking the current trend status for Molson Coors Brewing and will alert subscribers who have TAP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle molson coors brewing

Ticker(s): TAP