TAP ends the day indecisive
Molson Coors Brewing Company (TAP) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
TAP ended Monday at 73.55 gaining $0.57 (0.78%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TAP as at Apr 16, 2018):
Monday's trading range was $0.85 (1.16%), that's far below last trading month's daily average range of $1.56. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 72.80 and 74.25 which it has been in now for the last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 74.25. After having been unable to move above 74.00 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 73.93.
Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the close-by swing high at 74.25 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 72.80 where further sell stops could get triggered. With prices trading close to this year's low at 72.07, downside momentum might accelerate should the share break out to new lows for the year. As prices are trading close to April's high at 75.46, upside momentum could speed up should TAP mark new highs for the month. As prices are trading close to April's low at 72.30, downside momentum might accelerate should the market mark new lows for the month.