KO - Looks weak and ready for a fall

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Considering I am short major global markets, I searched for weak stocks. KO             looks weak for a number of reasons :

1 - Look how it rejects the 39$ level, forming a triple top. Yesterday there was a false breakout over this level.
2 - Look at the MACD histogram, how bulls get weaker with every attempt to break over 39$.
3 - Force Index , which includes volume , has no bullish acitivity since the beginning of March.
4 - Stronger volume confirms the bearish candle.
5 - All these rejections at 39$, are rejections of a Double bottom pattern at 37$.
6 - I'm bearish on the US stock market.

As I wrote on the chart, I'm not going to take this trade. I allready have a short on the Dow, and for the moment it's enough. Earnings are Tuesday and I do not want to have a position then. I chose to publish this chart so I can review it later.
Good earnings call propels KO to 40$. This is why I did not want to take a trade, earnings report are just impossible to forecast and the stock moves violently
Nomen est omen! :-D K.O.
vlad.adrian Kumowizard
:)) had to google it
Kumowizard vlad.adrian
hahaha LOL... it is never too late! :-D
Regarding markets in general I tell you one other: "Nihil novi sub sole"
vlad.adrian Kumowizard
Wait a second, I have to google this too :)))
vlad.adrian Kumowizard
Ohh ye, definately !!!
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