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


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


Bearish

- 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


Good luck, all!

KO weekly chart - 20 Jan 2024

@Deposit  @melson  @CaptainTiger  @TigerStars  @LMSunshine  @macroB  

$Coca-Cola(KO)$  

# 💰 Stocks to watch today?(21 May)

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Comment13

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  • Tuingzy
    ·01-20
    TOP
    Great ariticle, would you like to share it?
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    • Asphen
      thank you
      01-20
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  • FrankCollins
    ·01-25
    TOP
    Absolutely bullish! Woohoo!
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    • Asphen
      Good pullback last night
      01-26
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  • melson
    ·01-21
    TOP
    rally on low volume
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    • AsphenReplying tomelson
      Good reminder
      01-21
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    • melsonReplying toAsphen
      every time it does that, it dips
      01-21
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    • Asphen
      Good point
      01-21
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  • Absolutely! Bubbly with excitement! 🥂
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  • Zicco
    ·01-21
    👍🏼
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    • Asphen
      😉
      01-21
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  • Deposit
    ·01-21
    Good counter!
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    • Asphen
      indeed!
      01-21
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