PEP had a strong gap up, and with the latest completion of the cup and handle, it is clear that the upside is likely coming back. Bullish engulfing candle was seen as a strong contender for continued upside. My guess is with the positive momentum, the stock is likely to break above the downtrend channel. Long-term MACD is strong and histogram is positive. Crossover at the bottom confirms the reversal.
Stochastic oscillator shows oversold signal in.
23-period ROC is positive and DMI shows strongly firm in bullish strength.
Key immediate support is at 138.00 and 168.12 will be our major target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.