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Fan Yang

Pepsico Inc. (PEP) Continues to Retreat After Expected Price Top

Pepsico $PEP has been developing a price top since June and is confirming that price top this week.

Pepsico Inc. (PEP) In a Mini Price Top; $123-$125 is a Buy Zone

PEP Daily Chart

(click to enlarge)

Confirming Price Top:
- As we can see on the daily chart, price pulled back up last week, but found resistance around $132.
- This week, price has been retreating from this resistance, confirming the mini price-top.
- I like the $123-$125 area as support. 
- But even if price slides lower, I think PEP is a buy-on-the-dip candidate.
- The weekly chart shows the potential support areas. The $123 area is a previous resistance. If it indeed turns into support, we can have more confidence in the bullish continuation scenario.
- Then, the $120 handle will be support by a rising trendline. 
I have a small position, scaled out around $133 when price started to hold under $135. 
I also have dry powder at $125, and some more around $121. 

PEP Weekly Chart

(click to enlarge)

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