COCA COLA preparing a final rally to $62.00The Coca-Cola Company (KO) is trading within the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line) following the October 06 market bottom, the lowest level it's been since March 25 2021. This rally since the bottom is technically the (e) - (f) bullish wave of the symmetrical pattern that the stock traded in from April 25 2022 to December 14 2022. Both are Bearish Megaphone patterns with underlying common characteristic, the Lower Highs Zone, which effectively keeps KO still within the Bear Cycle that started on the April 25 2022 All Time High (ATH).
With the 1D RSI backing up the pragmatic correlation that the wave-length has one more extension to give, we remain bullish on Coca-Cola, targeting $62.00, which is marginally below both the bottom of the Lower Highs zone as well as the 0.936 Fibonacci retracement level, which is the symmetrical level where the December 14 2022 Lower High was priced at.
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