Coca-Cola Technical Analysis Report 13 May, 2024

Dmitry Chernovolov Market Analyst

Given the clear daily uptrend, Coca-Cola can be expected to rise further toward the next key resistance level 63.00 (which reversed the price twice in May),

 

– Coca-Cola broke multi-month resistance level 63.00

– Likely to rise to resistance level 64.00

Coca-Cola under the bullish pressure after the price broke above the major multi-month resistance level 63.00 (which stopped the previous intermediate ABC correction (2) at the end of July, as can be seen from the daily Coca-Cola chart below). The breakout of the resistance level 63.00 accelerated the active minor impulse wave 3, which belongs to the higher order impulse wave (C) of the primary upward ABC correction 2 from the start October.

Given the clear daily uptrend, Coca-Cola can be expected to rise further toward the next key resistance level 63.00 (which reversed the price twice in May), which is the target price for the completion of the active impulse wave 3, standing close to the resistance trendline of the daily up channel from last October.

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