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Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

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EIA ups oil output forecast, but supply fears loom

Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

News

EIA ups oil output forecast, but supply fears loom

Asset Watch

Can Coca-Cola’s stock continue to pop?

Thursday, October 27 2022

Coca-Cola poured in the profits on Oct. 25, as the beverage giant surpassed analysts’ third-quarter estimates. With resilient demand and higher prices bolstering growth, CEO James Quincey said, “Given our strong results year to date, and increased visibility into the rest of the year, we are raising our top-line and bottom-line guidance.”
He added: “Consumer elasticities in core categories have continued to hold up well,” and “our system has never been stronger.”
As a result, Coca-Cola continues to navigate the macroeconomic environment quite well. But with the technicals less optimistic, will the rally fizzle out in the day ahead?

Supporting the bulls, Coca-Cola closed above its January, March and June lows on Oct. 25, and the milestone is highly bullish. Yet, the rally stalled when Coca-Cola reached its declining resistance line drawn from the August high.

Furthermore, Coca-Cola’s 50-day moving average stands at 59.44, which is less than 1% above the Oct. 25 close. In addition, the beverage giant has not closed above its 50-day MA in roughly two months. Therefore, the key level may prove problematic.

On top of that, Coca-Cola’s daily RSI ended the Oct. 25 session at 59, which is still below overbought levels. However, with the metric less than four points away from the July and August highs, substantial hurdles are present in the near term.

Will Coca-Cola give back some of its recent gains, or is a breakout above the 50-day MA poised to keep the momentum alive?


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