PEP
Purely from Techincal Analysis point-of-view shows a positive setup for PEPSICO:
+ Bullish engulfing candle
+ Prices rejected on 200EMA
+ Stochastic on an oversold area
Area of concern:
- Prices around $147.50 zone have a strong resistance formed
No TP is set for this setup because I believe if the prices are able to break through the previous resistance we would continue to ride a very long trend upwards.
Will be monitoring this trade for any reversal pattern.
Lastly, I have setup an SL in case prices are not trending upwards
Trade closed: stop reached:
Seems like the market is going into a correction phase after the long overbought period. Let's wait for the long-awaited pull back to find technical support before entering any stock