Is PepsiCo Losing Its Pop?With the market under pressure, some investors have sought refuge in consumer staples. But some, like PepsiCo, have also struggled.
The first pattern on today’s chart is the series of lower highs and lower lows since Jerome Powell’s hawkish Jackson Hole speech on August 26. These have produced something of a descending channel, with PEP ending yesterday’s session near the top of the path.
Second, consider how the stock briefly flirted with new highs in mid-August before knifing back into the previous range. That could be interpreted as a false breakout.
Next, PEP has slipped below the 200-day simple moving average (SMA). Has the long-term trend turned bearish?
Finally, MACD has remained negative.
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