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Asset Watch
Thursday, October 6 2022
On Oct. 4, PepsiCo closed above its November 2021 and early March 2022 highs while also closing near its June 2022 highs. PepsiCo also traded relatively range-bound in 2022, with roughly $177 acting as resistance on multiple occasions. Therefore, if $166 holds, there is a pathway back to $177, and if Morgan Stanley is correct, $198 will mark a new all-time high.
In contrast, the 200-day moving average is the elephant in the room. After closing below the key level on Sep. 13, PepsiCo hasn’t reversed the damage since. Furthermore, PepsiCo rallied above the 200-day MA intraday on Sep. 21, 22, 26 and 27 but couldn’t hold the gains into the close.
As a result, with support near $166 and the 200-day MA at $169.59, will the bulls or the bears win this fight?
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