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Forest Products Industry Stocks Technical Analysis - TAPArchive
- 4/26/2024 -
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Molson Coors Brewing Company (TAP) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Molson Coors Brewing Company (TAP). During the week, the TAP dropped -1.69 points, or -2.63%, and closed at 62.54 on Friday, April 26, 2024. Weekly volume was 7% above average.
 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 59.69 and resistance is at 74.25. 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 (67.91) 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.
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 61.70 on April 24, 2024. TAP lost 7.48 points, or 10.81%, in 15 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 56.31 and resistance is at 63.49. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See TAP daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic and 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.
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