TAP closes above its opening price after recovering from early selling pressure
Molson Coors Brewing Company Class B (TAP) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
TAP ended the week 1.32% higher at 36.83 after gaining $0.04 (0.11%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.42 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 15th, TAP gained 6.05% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TAP as at May 22, 2020):
Friday's trading range has been $1.01 (2.76%), that's below the last trading month's daily average range of $1.34. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TAP.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the In-Neck Pattern.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 34.01, downside momentum might speed up should the market break out to new lows for the year.