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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $107.92 and $108.38 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. Traders and investors interested in shares of Molson Coors Brewing may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Molson Coors Brewing has overhead space with shares priced $107.98, or 3.2% below the average consensus analyst price target of $111.57. Molson Coors Brewing shares have support at the 50-day moving average (MA) of $93.64 and additional support at the 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.

In the past 52 weeks, Molson Coors Brewing share prices have been bracketed by a low of $63.91 and a high of $111.24 and are now at $107.98, 69% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.6%.

SmarTrend recommended that subscribers consider buying shares of Molson Coors Brewing on August 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.10. Since that recommendation, shares of Molson Coors Brewing have risen 5.6%. We continue to monitor TAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle molson coors brewing

Ticker(s): TAP