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Watch for Continued Gains in Shares of Molson Coors Brewing (TAP)

By Nick Russo

Shares of Molson Coors Brewing (NYSE:TAP) traded at a new 52-week high today of $98.36. This new high was reached on below average trading volume as 331,000 shares traded hands, while the average 30-day volume is approximately 1.4 million shares.

In the past 52 weeks, shares of Molson Coors Brewing have traded between a low of $63.91 and a high of $98.36 and are now at $97.97, which is 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.4%.

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

Potential upside of 13.9% exists for Molson Coors Brewing, based on a current level of $97.97 and analysts' average consensus price target of $111.57. The stock should find initial support at its 50-day moving average (MA) of $92.91 and further support at its 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 8.0%. We continue to monitor TAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows molson coors brewing

Ticker(s): TAP