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PEP – Pepsico – Shares of the manufacturer and marketer of soft beverages are raising along the main bullish support line heading to test the key resistance at $54.00 first and then at $57.00. January 08 peak at $79.50 turned out being a reversal point in the uptrend when the movement break through the main bullish support line at $75.00 changing the overall outlook from bullish to bearish. The first wave of contraction found support at the double top at $63.50 where a corrective up move pulled prices back to $75.00 before resuming the downtrend with a Long Tail Down pattern which lead prices to reach area $50.00 in October 08. After trading sideways for few months within the range $50.00/$56.50 a Low Pole pattern developed reaching the lows at $44.00. Lately prices penetrated the main bearish resistance line at $53.00 switching the trend to bullish again. After pulling back at $47.50 prices are now raising along the main bullish support line. Relative Strength vs the market is maintaining its positive bias in the long run making it a likely outperformer. Stay long and increase at triple top breakout at $54.00 with short term target set at $58.00 and in medium term at $68.00. On the downside close all long positions at penetration of the main bullish support line now crossing at $50.00 with possible contraction to $44.50.
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