The Coca-Cola Company (KO), through it all, remains timeless and resilient.
While uncertainty hits the market, KO continues to grind its way higher to new all-time highs.
Taking a look at the chart, it’s breaking out of a confluence of resistance.
But as always, I needed to see a weekly settlement of 1%+ for confirmation.
Well, the stock ended up closing last week’s bar above $64.50, so the stock is cleared for takeoff.
I’d place my protective stop loss at $61.00 and an ascending price target at $70.00.
The Technical Picture
Price is breaking through the primary long-term channel that contained the company’s high prior to the pandemic selloff.
This is a vital area to break through.
With the 1%+ weekly confirmation, we’re already seeing some follow-through this week.
The target could easily be filled in a few weeks, or perhaps a couple months at the very most, as long as price action momentum continues.
Please keep me in the loop if you happen to follow along with this trade idea.
I’d love to hear from you and how you’re making out in your personal trading!
Follow the Price Action
Now, no one I know is better at simply following the market’s direction than my colleague and expert trader, Josh Martinez.
And before I go, I want to quickly tell you about what he describes as possibly “the world’s most profitable side job”…
This strategy helped Josh turn an initial deposit investment of $500 into $39,282 in less than two years.
All you have to do is access a little-known portal in your brokerage account and start copying Josh’s strategy — step by step, and trade by trade.
It really is that simple.
Rules to Live By
“It’s kind of fun to do the impossible” Walt Disney
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.