Time to Order a Round of Molson Coors

 | Sep 28, 2016 | 4:10 PM EDT
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Molson Coors Brewing (TAP) has been bubbling higher and higher on our daily and weekly charts. Traders could buy a shallow pullback, a new high or a "round." Your choice.

In this daily chart of TAP, below, we can see that prices started an upside move yesterday that has continued today. TAP is moving away from the rising 50-day moving average line and is well above the rising 200-day line.

The On-Balance-Volume (OBV) is poised to move up with the price action. The Moving Average Convergence Divergence (MACD) oscillator recently generated a fresh buy signal.

While TAP did have a lengthy sideways consolidation in 2014, the price action the past 12 months has been clearly bullish in this weekly chart, below. The OBV line on this timeframe has been rising since last September and confirms and supports the advance. A rising price series with increasing volume is what chartists love to find.

In the lower panel the weekly MACD oscillator is crossing to a new buy signal.

A close below $100 should be a risk point to very short-term traders. Investors with deeper pockets should watch for a close below $95.

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