KDP - Breaking out or breaking down
Updated
KDP is oversold on the weekly chart in regards to indicators. The past 3 weeks/candles show us strong buying pressure at these levels indicated by the long wicks.
VWAP has settled under the price as support, and Q4 is typically a strong sales quarter for soft drink manufacturers.
Within the next week, the price action should break above the resistance trendline and present the opportunity for 6-8% profit.
We will set a tight stop at 3.73% or 27.60.
VWAP has settled under the price as support, and Q4 is typically a strong sales quarter for soft drink manufacturers.
Within the next week, the price action should break above the resistance trendline and present the opportunity for 6-8% profit.
We will set a tight stop at 3.73% or 27.60.
Note
This is a good time to lock in profit. KDP is overbought on the daily and might be heading back down to the ~29.22 price area in the near-term.
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