Sublime_Trading

Coca Cola Breaks Out Of Resistance

Long
LSE:CCH   COCA-COLA HBC AG ORD CHF6.70 (CDI)
Coca Cola has broken out of resistance which is what we have been waiting for and was mentioned in this post.
The 50 simple moving average helped push price up and through the resistance level .

The next few days/weeks will be important because we have to see whether price can stay above the resistance level .
We sometimes see fake breakouts where price breaks out then moves back below resistance.
What we want to see is price staying above resistance then using it as support and move further to the upside.

As the period of consolidation lasted for several months we may see a strong trend develop potentially giving traders easy profit.
It will be too early to jump into a trade just yet so we must be patient and wait for the next breakout for confirmation
of an uptrend.

Updates will follow when we see more movement.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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