Coca-Cola Trades Above An Upside Support Line

www.investing.com/analysis/cocacola-trades-above-an-upside-support-line-200566560

By JFD Team | Mar 11, 2021 07:04AM ET

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Coca-Cola (NYSE:KO) traded higher on Wednesday, after it hit support at 50.70. Overall, the stock continues to trade above the upside support line drawn from the low of Jan. 29, and thus, we would consider the short-term picture to be positive for now.

However, in order to get confident on larger upside extensions, we would like to see a decisive break above 52.50, which is Monday’s high. Such a move would confirm a forthcoming higher high and may initially pave the way towards the 53.70 zone, marked by the low of Dec. 28. Another break, above 53.70, could carry extensions towards the peak of Dec. 31, at 54.70.

Shifting attention to our short-term oscillators, we see that the RSI rebounded from near its 50 line, while the MACD, already positive, has just poked its nose above its trigger line. Both indicators detect upside price momentum and support the notion for some further advances in this stock.

Now, in order to abandon the bullish case, we would like to see the share price falling below 49.10, a support defined by the low of Feb. 26. Coca-Cola would already be below the aforementioned upside support line, something that may allow declines towards the 48.15 area, marked by the low of Jan. 29. If that zone is not able to stop the slide, then we may see the stock falling to the low of Oct. 29, at 47.30.

Coca Cola stock 4-hour chart technical analysis

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Coca-Cola Trades Above An Upside Support Line

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