Stock of the day: Coca-Cola

From a technical lens, the narrative around Coca-Cola paints a somewhat grim picture. Particularly, the third quarter has not been kind. Since the onset of July, the stock has been on a downtrend, seemingly in free fall. However, there was a glimmer of hope at the beginning of October. Prices found solace at a pivotal horizontal support, coinciding with the 50% Fibonacci retracement level. It's noteworthy that this level mirrors the key lows witnessed in the latter half of 2021. This level didn't just act as a temporary pit stop; it triggered a bounce. But it's vital to keep our optimism in check because, for now, this looks more like a correction than a full-fledged reversal.

So, where does that leave us? The roadmap is pretty straightforward. If Coca-Cola's earnings report fails to impress, we might see the stock making its way towards the yellow horizontal support. On the flip side, a stellar report card has the potential to fuel the ongoing bullish correction. And if the bulls do take charge, the orange territory, hovering around $59, appears to be a plausible target. The next few hours will be instrumental in deciding the trajectory. Let's stay tuned to see how this chapter in Coca-Cola's story unfolds.