Stock of the day: Coca-Cola
09 October 2024
In today's Stock of the day, I want to bring attention to Coca-Cola, which has not had a strong start to October. The stock was stuck inside a rectangle pattern for several weeks, marked by blue lines on the chart. Unfortunately, last week's attempt to break higher turned out to be a false breakout, followed by a significant drop in the stock's price.
Instead of breaking above the upper boundary, Coca-Cola fell below the lower line of the rectangle and experienced a sharp decline. The current target for Coca-Cola is the long-term uptrend line, marked in black, which the stock seems to be approaching rapidly. The sentiment surrounding Coca-Cola is clearly negative, and it appears that further declines are likely in the near term.