Possible Entry Approaching
It doesn’t take a genius to figure out KO has been a good long term investment and will continue to be a good long term investment. They have been innovating for decades show no sign of stopping.
If you are looking to trade the stock there may be an entry point soon. After plunging past support of $50 in an upward channel on 1/14 the stock found new support at $48.70. It held here from 1/20 to 2/4 and just before earnings on 2/10 there was a gap up to $49.65. Price action says investors were not too impressed but did not punish it back down to $48.70 and on 2/10 KO closed at $49.60.
I believe KO can go back to $48.70 over the next few days, once again fund support, then continue trading higher to $51.00. If it holds at $49.44 there is a good chance it continues to trade in its previous upward channel and hits $51.50 before trading even higher.
I would buy at $49.75 and set a stop at $48.60. PT1 is $51.00. PT2 is $52.70.
If you are looking to trade the stock there may be an entry point soon. After plunging past support of $50 in an upward channel on 1/14 the stock found new support at $48.70. It held here from 1/20 to 2/4 and just before earnings on 2/10 there was a gap up to $49.65. Price action says investors were not too impressed but did not punish it back down to $48.70 and on 2/10 KO closed at $49.60.
I believe KO can go back to $48.70 over the next few days, once again fund support, then continue trading higher to $51.00. If it holds at $49.44 there is a good chance it continues to trade in its previous upward channel and hits $51.50 before trading even higher.
I would buy at $49.75 and set a stop at $48.60. PT1 is $51.00. PT2 is $52.70.
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