KO - The start of a bullish move?* Remember to support with LIKE and FOLLOW me for more analysis *
KO respected the previous top as a support (yellow line), and yesterday did a nice bullish sign. If it goes up to U$ 49.73 (blue line) and breakout, will trigger a pivot that could take KO to U$ 59 in an optimistic scenario.
Now it is in a very delicate moment. Today’s candle is clearly bearish but has low volume. If we look at the hourly chart, we can have more clues:
KO did a double bottom pattern (maybe an Adam & Eve?), and now is doing a nice pullback (after all, Adam & Eve patterns has 67% pullback rate).
Now there’s 2 supports zones. The first one is the 21 ema and the black line (top of the peak between the bottoms). The second is the bottom of the pattern. If the price breakdown that zones, it could sink down to U$ 41.80.
Watch out for KO, and be safe.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
