Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>TAP stock price is trading close to the 100-day EMA, showing bullishness.</a> </li> 
 <li> <span>2</span> <a>Buyers are showing their presence and are trying to regain the momentum.</a> </li> 
</ul> 
<p>Molson Coors Beverage Company (TAP stock) TAP share made a double bottom pattern near $60 and is waiting to surpass the neckline of $65 near the 100-day EMA to validate the bull move. Moreover, the price action indicates that TAP stock is in the bull territory and has been forming higher highs. However, the sellers are now showing their interest and the stock is showing a reversal from the swing highs of $70 amid the weak Q2 earnings results. After that, TAP stock persists in showing weakness and is shedding the gains highlighting seller strength.</p> 
<p>TAP stock price is trading above the 200-day EMA and is trying to initiate a bull momentum to sustain the stock price above $65. Moreover, the chart shows the buyers’ interest and favors the rise to $70. After that, if the price forms any bullish candle on the top it would clarify further buying interest; if it fails to surpass, it would reverse toward the neutral trajectory swing of $50.</p> 
<p>As per the options chain, TAP stock delivers seller interest. At the strike price of $65, a massive open interest of 6838 hundred shares on the call side indicates a major hurdle, whereas, at the strike price of $60, decent put writing of 600 hundred shares was there which suggests that TAP stock will drag the gains and will lose the momentum based on the setup. Furthermore, the technicals and the option chain suggest that sellers might be interested in dragging the stock price to $50.</p> 
<p>At press time, TAP stock price was $63.59 with an intraday gain of 1.59%, showing neutrality on the charts. Moreover, the trading volume increased by 0.55% to 1.990 Million, and the market cap is $13.756 Billion. Furthermore, analysts have maintained a neutral rating with a yearly target price of $69.25.</p> 
<p>Molson Coors Beverage Co. is a holding company which engages in the production and sale of beer. It operates through the following segments: Americas, EMEA and APAC. The Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The EMEA and APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-will-tap-stock-escape-hurdle-of-70-strong"><strong>Will TAP Stock Escape Hurdle of $70?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/Xg8eFKEnvMpPRc2TcLbEy930UKCP3Qy4o5Z8CElZgnfmHYKfkfRG6HyohcWY4p4UgJl7dijC6ZebyF5ApdcI1HiAHoAmmgPs9pEYwBswMJyRJPC90jJzVH_-E9ztkEzFrd7wzCzj-_iEfDs-j0X5tVc" alt="TAP Stock (NYSE: TAP) Chart Not Clear – $50 or $70 Next?"> 
  <figcaption class="wp-element-caption">
    Source: TAP Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, TAP stock price is close to the critical zone of $65, which is a make-or-break level; in case of follow-on selling, TAP stock will shift toward $50, whereas in case of follow-on buying, it would retest the highs of $70. Moreover, TAP stock price is above the 50% Fib zone and is close to the 61.8% Fib zone, indicating bullishness.</p> 
<p>The RSI curve stayed near neutrality and formed a bearish divergence, indicating that a breakdown below $60 can be anticipated soon.</p> 
<p>The MACD indicator showed a bearish crossover and red bars on the histogram suggesting a negative outlook for the next sessions.</p> 
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary&nbsp;</strong></h3> 
<p>TAP <a href="https://www.thecoinrepublic.com/2023/10/01/sofi-stock-sofi-technologies-stock-price-bearish-for-october/" rel="noopener noreferrer nofollow">stock </a>price is trading close to the 100-day EMA and trying to surpass the neckline of $65, the immediate resistance zone. However, the trend showcased seller interest and suggests that the sellers have booked profits and are now looking to extend the correction to $50.</p> 
<h3 class="wp-block-heading" id="strong-technical-levels-strong"><strong>Technical Levels</strong></h3> 
<p>Support Levels: $60 and $50</p> 
<p>Resistance Levels: $65 and $70</p> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.</p>

TAP Stock (NYSE: TAP) Chart Not Clear – $50 or $70 Next?

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Thecoinrepublic.com

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