Coca-Cola: Extending the Corrective Rally

Coca-Cola shares have rebounded recently, once again approaching our red Target Zone ($77.63–$82.89), before pulling back. The corrective rally is likely to extend a bit further into our red Target Zone ($77.63–$82.89) before the broader downtrend resumes. Alternatively, the stock could still reach a higher high within the larger uptrend, pushing toward the upper boundary of our red Target Zone ($77.63–$82.89). For this scenario to play out, the resistance at $82 must be broken (probability: 30%).