PEP clearly trades within an upward channel for a number of years.
Most recently it's hit $109, which is below it's channel support line.
Bullish for PEP.
Macro forces are strong, worldwide, and in USA.
RSI is showing near historical bounce back level (around 40)
Stochastic RSI clearly in the oversold zone, suggesting price will increase.
MACD is also...
inside this triangle ended with a hammer and green. so this is what might happen depending on the lower time frames that I don't really mention whenever I can. If we open up to the upside that would be potential bounce up off the support
Here is a bullish swing trade that I may take if PEP moves over the next several days as I would like it to. What I see on the daily chart is a double bottom followed by a breakout of the double bottom neckline and now the price has pulled back to re-test the neckline. What I want PEP to do over the next few days is to form an S-Curve like the blue line I have...
A good possible bounce area for PEP with the 1) retracement, 2) support/resistance band, 3)t/l intersection.
All this analysis is a subject to Mother Market cooperation.
PEP the famous PEPSI is definitely getting benefit from the equity market and the correlation with KO so this time is a very similar scenario for both companies. Anyway target is just up to $122.22. However considering I'm not a real sugar lover, neither of Pepsi, I prefer Coca-Cola.
Have a Good Trading Week
Cream Live Trading, Best Regards!
