Keep This Trade Level On TAP

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Sep 9, 2021 at 12:53 PM EDT

The stock is very weak on the daily chart as it trades below the key 50 and 200-day moving averages. This puts the stock in a weak technical position in the near term.

Molson Coors Beverage Co (TAP) is another leading beer manufacturer that has been selling off lately. This stock topped out in mid-June 2021 at $61.48 a share. Since that high pivot, the shares have dropped sharply and currently trade at $45.58 a share. The stock is very weak on the daily chart as it trades below the key 50 and 200-day moving averages. This puts the stock in a weak technical position in the near term.

When stocks are in a down-trend you must find a very good reason to buy these names. Well, Molson Coors Beverage Co (TAP) stock is nearing a buy level around the $44.00 area. This stock is coming into a major pivot support level from early March 2021. There is also a major retrace level in play from September 2020 lows to the June 2021 peak. This makes for a good risk/reward long swing trade setup in a stock that has been beaten up over the past 4 months.

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