Molson Coors Beverage ( TAP) reported annual revenue growth for the first time in more than a decade on Wednesday. The company is in the middle of a turnaround that involves expanding its portfolio beyond beer and investors seem to be excited with the stock trading sharply higher today. 
Let's check out the latest charts and indicators.
In the daily bar chart of TAP, below, we can see that the shares have been bottoming the past eight months. What we call this formation is not particularly important but the neckline across $52 is pretty key. Prices made a low in late October and a retest in December. TAP is now above the rising 50-day moving average line and the 200-day moving average line.
The On-Balance-Volume (OBV) line shows a rise from late October telling us that ( TAP) of TAP have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.
In the weekly Japanese candlestick chart of TAP, below, we can see a much bigger base pattern going back over the past three years. A breakout over $60 will be significant. Prices are crossing above the 40-week moving average line.
The MACD oscillator is close to crossing above the zero line for a buy signal.
In this daily Point and Figure chart of TAP, below, we can see an upside price target of $54. This is not a huge price target but it is enough to give us a breakout over $52 -- the neckline mentioned above.
In this weekly Point and Figure chart of TAP, below, we can see a possible $70 price target.
Bottom-line strategy: The weather is turning nice so traders should grab a bucket of beers and find some Jimmy Buffett tunes on the radio. Traders could also consider going long TAP at current levels and on strength above $52. Risk to $46. The $70 area is our price objective.
