Inflexion point for KO! Bullish?
Inflexion point for KO! Bullish?
Price action (20 Jan 2024)
- Since the low of Oct 2023 due to the weight loss drug news, KO has been steadily recovering
- Past 2 weeks had now broken out above MA50 (blue) and stayed above with the back-test!
- RSI had also ticked upwards above 50 on the weekly chart
- It had also climbed above the key resistance/now support level of 58+/59+ to the upper half of the trading range
- Since the low of Oct 2023 due to the weight loss drug news, KO has been steadily recovering
- Past 2 weeks had now broken out above MA50 (blue) and stayed above with the back-test!
- RSI had also ticked upwards above 50 on the weekly chart
- It had also climbed above the key resistance/now support level of 58+/59+ to the upper half of the trading range
Bullish
- A good bullish mid-long term reference for counters is often on the 50/50 rule on a weekly chart
- On a weekly chart, if the price action gets above MA50 on a weekly chart and coupled with a RSI of above 50, it tends to point to a bullish reversal change of trend
- A good bullish mid-long term reference for counters is often on the 50/50 rule on a weekly chart
- On a weekly chart, if the price action gets above MA50 on a weekly chart and coupled with a RSI of above 50, it tends to point to a bullish reversal change of trend
Bearish
- This could still happen if the price action gets below 60 and stay above, meaning below MA50.
- This could still happen if the price action gets below 60 and stay above, meaning below MA50.
My plays
- Had been nibbling shares since the low of Oct
- Had now also sold puts strike 57
- Will be accumulating more puts if price action continues to stay above MA50
- Had been nibbling shares since the low of Oct
- Had now also sold puts strike 57
- Will be accumulating more puts if price action continues to stay above MA50
Good luck, all!
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