KO Likely to break through $50 and retrace back up

Long

Coca-Cola Company (The) (NYSE:KO)

Updated

NYSE:KO Coca-Cola Company (The)

trendanalysis chartpattern cocacola coke ko coca-cola

KO seems to be attempting it's 4th break above resistance at $50, post-crash. So long as the overall market holds, I believe it breaking above $50 is highly likely this month. If KO does break above $50 while abiding the ascending channel in the chart, I believe KO could reach $55-$60 with a momentum swing within the next 6 weeks. I picked up September 18th $50 strike calls for ~$0.50, so I'm expecting them 10x-20x if resistance it broken through within the ascending channel.

Comment:

I've doubled down on my 50 strike calls for 20c, so my average is now 35c. I'm hoping for, but not fully expecting, a spike up, at which point I'll sell the tranche that I've bought down here, unless a breakthrough looks exceptionally promising near-term for one reason or another.

Comment:

A breakthrough looks exceptionally promising if KO can hold today's gains. I'm now looking for KO to reach $52.50-$55 by expiration on September 18th.

Comment:

There is a very clean wedge starting in March. I am fully expecting a break above $50 resistance by expiration.

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