• Return to Headlines

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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $55.74 and $55.94 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. Traders and investors interested in shares of Molson Coors-B may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 33.7% exists for Molson Coors-B, based on a current level of $56.31 and analysts' average consensus price target of $75.27. The stock should discover initial support at its 200-day moving average (MA) of $55.16 and subsequent support at its 50-day MA of $53.62.

In the past 52 weeks, shares of Molson Coors-B have traded between a low of $49.82 and a high of $67.24 and closed yesterday at $56.31, which is 13% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.43% higher over the past week, respectively.

Molson Coors Brewing Company operates as a brewing company. The Company brews and produces beer. Molson Coors Brewing serves customers worldwide.

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

Keywords: bullish am inside day candle molson coors-b

Ticker(s): TAP