Coca Cola the uptrend remains intact

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By :  ,  Financial Analyst
Coca Cola (KO), the leading global beverage company, said it will cut 2,200 jobs globally, as the coronavirus pandemic accelerates the beverage giant's restructuring efforts. Besides, Morgan Stanley raised the target price of the company to $59 from $57.

In November, the company reported the 3Q income from operations jumped 92.9% on year to $103.8 million on net sales of $1.33 billion, up 3.9%.

From a technical point of view, the stock has recorded a series of higher tops and higher bottoms, indicating a bullish outlook. Currently, the prices are trading above both 20-day and 50-day moving averages. The relative strength index locates at the buying zone between 50 and 70. Bullish readers could set the support level at $50.20, while the resistance levels would be located at $55.80 and $59.00.

Source: GAIN Capital, TradingView
Related tags: Equities

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