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
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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