Stock of the day: Coca-Cola

By Tomasz Wisniewski|

Published: June 03 2024, 06:49 GMT+0

Stock of the day: Coca-Cola

In today’s analysis, I want to highlight a bullish setup on Coca-Cola, which is currently displaying a promising reversal. Over the past two weeks, since mid-May, Coca-Cola has been in a bearish correction phase. This correction ended precisely at a key horizontal support area marked in orange. This level served as a resistance from February to April and was broken at the end of April, subsequently acting as support in May.

The recent bounce off this support is significant, showing a strong reversal. This bounce suggests that the bearish correction is over and a new bullish wave is likely beginning. The clean bounce off such a well-defined support level is a classic bullish signal, indicating that buyers are stepping in with conviction.

Given the broader market sentiment, with indices also showing bullish reversals, it seems that Coca-Cola is poised to benefit from this positive momentum. Traders should watch for further confirmation of this bullish trend, but the initial signals are highly promising for a sustained upswing in Coca-Cola’s stock price.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-coca-cola-1

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