TAP has been bullish for the last 4 years and currently completing a descending wedge at a 0.618 Fibonacci level with a solid (albeit, slightly inclined) support line at approximately $95.00. There seems to be a high likelihood of an upward breakout, which will probably be followed by a move at least to $112.00, but very possibly $123.00 in the case of an ABCD...
TAP is currently forming an elliot wave pattern and is down to its .386 retracement. This is a good opportunity to go long.
Date discovered: 03/01/2017
Position: LONG
Entry: 99.10
Stop:98.60
Exit: 104
Molson Coors Brewing Co (TAP)
This stock performes a head and shoulders, so now we need to wait untill it'd be confirmed.
In this situation we have only one plan - to go short. But ONLY in the case of market confirmation.
Iron Condor Idea for TAP on Mar 10,2015
Bull Put Spread: 67.50 / 65 Apr 17 expiration limit $0.30 fill for 13.6% OR 70 / 67.50 Mar 20 expiration limit $0.10 fill for 4%
Line In The Sand is 70.76
Bear Call Spread: 82.50 / 85 Apr 17 expiration limit $0.20 fill OR 80 / 82.50 Apr 17 expiration limit $0.30 fill for 13.6%
Line In The Sand is 78.85
