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

By Nick Russo

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 $93.32 and $95.33 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 Company brews beer through breweries in Canada, the United States and the United Kingdom. The Company conducts operations worldwide.

Molson Coors Brewing share prices have moved between a 52-week high of $104.15 and a 52-week low of $63.91 and are now trading 48% above that low price at $94.78 per share. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.0%.

Molson Coors Brewing has overhead space with shares priced $94.78, or 15.0% below the average consensus analyst price target of $111.57. 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Molson Coors Brewing on June 27th, 2016 by issuing a Downtrend alert when the shares were trading at $96.82. Since that call, shares of Molson Coors Brewing have fallen 3.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle molson coors brewing

Ticker(s): TAP