Beer giant Molson Coors Brewing (NYSE:TAP) traded lower Wednesday by 0.64 to $79.51 a share. The stock has been steadily declining since October 2016 when it traded as high as $112.19 a share. TAP is now below its 50- and 200-day moving averages, which indicates technical weakness.
Bearish Pattern
Traders should also note that there is bearish weekly chart pattern forming in the stock, suggesting that it could still have one more decline in the cards. I'm watching the $72.50 area for major chart support as it's a level from which TAP broke out in September 2015. It's important to remember that prior breakout levels often serve as major support when retested. This looks to be a solid trade area for Molson Coors.
