Pepsi is breaking down out a long time range, extending to lower levels on very high volume
. I am a huge bull fundamentally in this name but sold out of my position today because i think more downside is coming. Technically, the stock looks terrible and a short may even be tried with a stop slightly above the $78 level which was previous huge support. At some point, the 18x multiple, increased dividend and buyback, and fundamental shift of revenues from the struggling beverage business to the thriving snack business should create a floor but right now, pepsi looks pretty bad.
I will be stalking this for sure for a future entry as I believe this stock is a HUGE buy from a fundamental perspective.