PEPSICO took a strong fundamental blow yesterday, reaching remarkably oversold technical levels on the 1W timeframe (RSI = 19.097, MACD = -4.010, ADX = 44.557). On today's opening it hit the 1W MA200 for the first time since the March 2020 COVID crash. If it weren't for that crash, PEP would have never broken the long term Channel Up and today's candle would be exactly on its HL bottom.
Under the current circumstances it looks like a big risk but every time the stock crossed under the 1W MA200 and the 1W RSI got oversold (under 30.000), it was the buy opportunity of a Cycle. Those two bottoms instantly rebounded to the 0.786 Fibonacci level, so that sets a target for us at 187.00.
Are you willing to take that risk?
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