Molson Coors Brewing Is Close to its 50 Day Moving Average

Published on Thursday, 29 March 2012 06:16 Written by TradersHuddle Wire

New York, March 29th (TradersHuddle.com) - Molson Coors Brewing Company (NYSE:TAP) closed the trading day at $45.02, near its 50 day moving average that is set at $43.61. Molson Coors' price action is just above this important support level, providing a trading opportunity.

Molson Coors Brewing Company (NYSE:TAP) brews beer through breweries in Canada, the United States and the United Kingdom. The company brews Coors Light, Canadian, Molson Dry, Miller Lite, and Miller Genuine Draft, among others. Molson Coors also distributes Amstel Light, Heineken, Corona, Pacifico, and Asahi.

The peaks and troughs algorithm shows calculated support at $41.96 and calculated resistance at $45.41. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Molson Coors Brewing should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.