Molson Coors Brewing Is Close to the 200 Day Moving Average

Published on Tuesday, 14 August 2012 07:00 Written by TradersHuddle Wire

New York, August 14th (TradersHuddle.com) -Molson Coors Brewing Company (NYSE:TAP) closed the trading session at $43.68 near its 200 day moving average set at $41.74. Molson Coors' price action is just above this key support level, grabbing traders' attention for a possible 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 latest price action range, defined by a peaks and troughs algorithm, places calculated support at $37.96 and resistance at $44.23. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Molson Coors Brewing will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.