We’re opening a new bullish trade on Molson Coors Brewing Company (NYSE:TAP).

Using the Technical Opportunity Screener from Profit Scanner, we’ve identified a “diamond continuation” pattern or “ascending triangle” on the chart for Molson Coors.

The diamond continuation pattern or ascending triangle pattern was completed on Jan. 8, when TAP closed above the resistance level of the pattern. Based on the pattern, we expect Molson Coors to climb to a target price range of $80-$81. Profit Scanner has this pattern identified as the second half of a continuation “diamond,” which has a similar form and implication.

A longer-term target should be roughly equal to the depth of the pattern ($11), which may be a little too ambitious if we need to get out before earnings in February. However, based on the breakout, we would expect that $81-82 is a reasonable short-term target, as investors try to buy stocks that should benefit from falling oil prices.

Traders could certainly buy Molson Coors stock for the breakout, but we prefer the opportunity in options.

Buy to open the TAP February 80 Calls for a maximum price of $2.65.

Interestingly, lower oil prices were a causal factor for much higher expected beer and spirits sales last quarter and induced Constellation (STZ) to increase its outlook during its recent earnings report. We expect Molson Coors to benefit from the same factors as consumer spending shifts from energy to consumables like beer and alcohol. The market has been a little soft recently. However, oil prices remain sedate, and we don’t expect the trend that has been good for companies like Molson Coors to change.

InvestorPlace advisors John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next trade and get 1 free month today by clicking here.