The stock of Pepsico: trading opportunity
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Trade ideas
SELL 135.60; TP1 134.90; TP2 134.15; SL 135.90
BUY 137.00; TP 138.00; SL 136.70
The stock of Pepsico formed a higher low and arrived at the resistance line that connects October and November highs in the 136.50 area. The price action is close enough to a bearish “Gartley” pattern. The decline below 135.65 (Nov. 18 high, 100-period MA on H4, 61.8% Fibo of the November decline) will open the way down to 134.90 (50% Fibo) and 134.05 (100-day MA). On the upside, a break above 136.80 will confirm that the price is capable of more upside. In this case, the target will be at 138.25 (Nov. 1 high).
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