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Asset Watch
Thursday, April 27, 2023
However, even though the fundamentals remain constructive, the technicals support a short-term pullback. For example, the upward-sloping grey line shows how PepsiCo has recorded higher highs and higher lows since early 2021. But volatility has been present along the way.
And when PepsiCo has run too far too fast over the last 24+ months, it often retraces back toward its rising support line. Likewise, the blue line represents PepsiCo’s 75-week moving average, and the key level has also acted as support. On top of that, PepsiCo’s weekly RSI is at its highest level since January 2022.
So, with the beverage giant on pace for its sixth weekly gain in seven weeks, could betting on gravity be a wise endeavour?
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