Stock of the day: Coca-Cola

By Tomasz Wisniewski|

Published: October 24 2023, 07:18 GMT+0

Stock of the day: Coca-Cola

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Today, as we peruse the earnings calendar, all eyes are on Coca-Cola. The beverage behemoth is slated to unveil its financial figures ahead of the market’s opening bell. Market whispers hint at an expected EPS of 0.695 and revenue projections circle around the $11.4 billion mark. It’s a moment of reckoning as investors and traders alike wait with bated breath to see if these numbers align with the anticipated figures.

From a technical lens, the narrative around Coca-Cola paints a somewhat grim picture. Particularly, the third quarter has not been kind. Since the onset of July, the stock has been on a downtrend, seemingly in free fall. However, there was a glimmer of hope at the beginning of October. Prices found solace at a pivotal horizontal support, coinciding with the 50% Fibonacci retracement level. It’s noteworthy that this level mirrors the key lows witnessed in the latter half of 2021. This level didn’t just act as a temporary pit stop; it triggered a bounce. But it’s vital to keep our optimism in check because, for now, this looks more like a correction than a full-fledged reversal.

So, where does that leave us? The roadmap is pretty straightforward. If Coca-Cola’s earnings report fails to impress, we might see the stock making its way towards the yellow horizontal support. On the flip side, a stellar report card has the potential to fuel the ongoing bullish correction. And if the bulls do take charge, the orange territory, hovering around $59, appears to be a plausible target. The next few hours will be instrumental in deciding the trajectory. Let’s stay tuned to see how this chapter in Coca-Cola’s story unfolds.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-coca-cola

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