COCA-COLA Rejected and pulling-back

The Coca-Cola Company (KO) got rejected on the Lower Highs trend-line cluster of April May and is pulling-back. A test of the 1D MA50 (blue trend-line) while forming a 1D Golden Cross with the 1D MA200 (orange trend-line) would be very healthy for the long-term growth of the stock, which is perfectly trading on a Fibonacci Channel Up.

The 1W RSI also got rejected on its own late February Lower Highs trend-line, so a weekly candle close below the 1D MA50 can kick-start further selling towards Fibonacci 0.5, even 0.0 (bottom of the Channel).

Until that happens though, the pull-back should be bought, targeting the 1.5 Fib and by Q3 2023 the 2.0 Fib.


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