Coca Cola Company (KO stock) price stayed in the narrow range and showcased strong resistance near $65 which bulls failed to surpass and faced rejection multiple times in the past weeks. Moreover, KO stock price action shows a roller coaster move indicating neutrality on the charts. Furthermore, KO stock chart structure shows that price stayed inside the narrow range and is now waiting for a bounce near the lower neckline near $55.
Coca Cola (KO stock) price waited for a pullback to retest the 20 day EMA suggesting an up move is imminent. If KO stock stays at $50, a short covering move toward $65, and even $70 can be anticipated. Conversely, if it breaks $50, it will head for the $40 level. The lower trajectory is near $35 which is the demand zone, whereas the upper trajectory is near $80.
At press time, KO stock price is trading at $58.44 with an intraday gain of 0.24%, showing neutrality on the charts. Moreover, the trading volume increased by 0.78% to 13.898 Million and the market cap is $252.715 Billion. However, analysts maintained a neutral rating with a yearly target price of $70.32 suggesting a growth outlook for the coming sessions.
Coca-Cola is the largest nonalcoholic beverage entity in the world, owning and marketing some of the leading carbonated beverage brands, such as Coke, Fanta, and Sprite, as well as nonsparkling brands, such as Minute Maid, Georgia Coffee, Costa, and Glaceau. Operationally, the firm focuses its manufacturing efforts early in the supply chain, making the concentrate (or beverage bases) for its drinks that are then processed and distributed by its network of more than 100 bottlers. Concentrate operations represent roughly 85% of the company’s unit case volume.
KO Stock Price Action On Daily Charts
On the daily charts, KO stock price is trading near the support zone of $50 and is hovering inside the narrow congestion range between $50 – $65 in the past few sessions. Moreover, the chart structure suggests neutrality and that KO stock is waiting for a decisive breakout above $65 or below $50. Between that range, no suitable buying or selling interest would be anticipated.
Moreover, KO share price is trading above the 38.2% Fib zone and looking to sustain above the 50% zone. Furthermore, the price is hovering near the mid bollinger band suggesting equal buying and selling pressure in the past few sessions.
The RSI curve stayed in the oversold region and shows a negative crossover suggesting a negative outlook on the charts.
The MACD indicator showed a bearish crossover and formed red bars on the histogram suggesting sellers’ dominance on the charts.
Summary
Coca Cola (KO stock) price stayed inside the narrow congestion zone awaiting a decisive rebound to surpass the $65 cluster. Moreover, the chart structure shows neutrality and price is near to the lower neckline near $55 faces profit booking in the past sessions. Furthermore, the sellers persisted in making short positions and are looking to break the primary support of $50 to initiate further selloff.
Technical Levels
Support Levels: $55 and $50
Resistance Levels: $65 and $70
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/14/coca-cola-ko-stock-hovers-near-58-will-it-retain-strength/