Pepsico $PEP was in a sharp correction in 2018 after trading at a high of $122.50 a share. It fell to $96 by May, but roared back to tag $110 by July. This is a critical resistance area, and I think PEP is set for further bearish correction if it is unable to close above $110 and closes below $107.PEP Daily Chart(click to enlarge)Key Pivot:- The chart above shows price action since 2012 to highlight the rising trendline, which was broken earlier in April.- Note that price has returned to it, now testing it as resistance. If the market is indeed in bearish correction mode, this is a good place to expect some resistance and an anchor back into the correction mode. - Furthermore, there is a bearish divergence between the RSI and the price highs.- Also, $110.80 was a previous resistance pivot from a couple of years ago (June, 2016) - Finally, note that the 200-day simple moving average (SMA) is right under $110. Again, if the market is turning bearish, this 200-day SMA should hold as resistance - or at least, holding here would be a good sign for the bearish outlook.- Whether or not price will continue in bearish correction mode or simply chop sideways, there is at least strong downside risk towards the $100 mark if not the $96 low from May.