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Asset Watch
Thursday, October 27 2022
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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