• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Molson Coors-B (NYSE:TAP) based on the price action in the company's shares. Yesterday's price range of $43.56 and $44.50 is within the prior day'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-B 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 operates as a brewing company. The Company brews and produces beer. Molson Coors Brewing serves customers worldwide.

In the past 52 weeks, shares of Molson Coors-B have traded between a low of $34.01 and a high of $64.32 and closed yesterday at $45.62, which is 34% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 1.49% lower over the past week, respectively.

Molson Coors-B has overhead space with shares priced $45.62, or 39.4% below the average consensus analyst price target of $75.27. Molson Coors-B shares should first meet resistance at the 50-day moving average (MA) of $47.85 and find additional resistance at the 200-day MA of $52.62.

SmarTrend is monitoring the recent change of momentum in Molson Coors-B. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Molson Coors-B in search of a potential trend change.

Keywords: bearish am inside day candle molson coors-b

Ticker(s): TAP