Molson Coors Brewing (NYSE:TAP) reported earnings last week that were worst than expected and the stock tumbled lower by 13% on the announcement. Traders should note that TAP is now trading sharply below its important 50- and 200-day moving averages. This formation puts the stock in a weak technical position and signals further downside in the near term. The next major support for TAP will be around the $51, which is where the stock broke out in October 2013. Often, when a major break-out level from the past gets tested it serves as major chart support. This is a trade level where I will be looking to go long on TAP stock.
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