Asset Watch
Tuesday, October 10, 2023
PepsiCo also found support near key technical levels, which should halt the nearly 20% drawdown. Weekly trendline support is near $160, which is in various highs and lows set since 2021. And on top of that, PepsiCo’s 200-week moving average stands at $158.18, and last week’s dip below the critical level elicited support, and the stock closed the week above it.
Finally, PepsiCo’s weekly RSI (the black line at the bottom) ended last week at its lowest level since the 2020 pandemic-induced crash. With oversold conditions often precursors to reversals, it’s another indicator that favours the bulls in the weeks ahead.
Is PepsiCo ready to rally, or will the stock lose even more weight before sentiment shifts?