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Downtrend Broken Resist.Archive
- 4/19/2024 -
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Molson Coors Brewing Company (TAP) Technical Analysis
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| Summary:
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| | It was the negative week for the Molson Coors Brewing Company (TAP). During the week, the TAP dropped -2.11 points, or -3.18%, and closed at 64.23 on Friday, April 19, 2024. TAP was trading at average weekly trading volume.
 Long-term trend: [See TAP long-term trend chart]
A long-term uptrend had started on September 24, 2020 at 32.11 and reached 70.90 on July 26, 2023. TAP gained -38.79 points, or -120.80%, in 147 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 59.54 and resistance is at 74.16. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.
 Medium-term trend: [See TAP medium-term trend chart]
A medium-term uptrend had started on February 7, 2024 at 58.90 and reached 69.18 on April 9, 2024. TAP gained -10.28 points, or -17.45%, in 8 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (67.09) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. TAP may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See TAP weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since January 5, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See TAP short-term trend chart]
A short-term downtrend had started on April 9, 2024 at 69.18 and reached 63.17 on April 16, 2024. TAP lost 6.01 points, or 8.69%, in 7 days. The price is now at the 17.64% retracement level.
 Daily Technical Indicators: [See TAP daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 28, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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