PepsiCo Inc. $PEP has broken above a consolidation period into a fresh all-time-high on the back of better-than-expected earnings. PepsiCo, Inc. PEP reported solid first-quarter 2019 results, wherein earnings and sales topped estimates. With this, the company reported sales beat in seven of the last nine quarters. Further, it recorded positive earnings surprise in 12 of the last 13 quarters. This improvement in earnings can be mainly attributed to strong operating performance in the company's international divisions and Frito-Lay North America. Additionally, sequential revenue growth at PepsiCo Beverages North America segment aided results. ...From nasdaq.comPEP Daily Chart(click to enlarge)Bullish Breakout:- The market reaction was unsurprisingly bullish after the earnings report. Note that price was hanging around $122.50, which was the resistance area of a year-long consolidation pattern.- The breakout continues a long-term bullish trend.- The volume is not that great, so I think we might see price pull back after approaching the $130 area. - However, the downside will likely be limited to the $118-$120 area as PEP has proved to be resilient and could be in the middle of another bull run.- In other words, if there is a pullback, PEP would be a candidate to "buy-on-the-dip" especially if price end up in the $118-$120 area.