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Fan Yang

Patience for Coca Cola (COKE) as it Dips Towards Key Support

Coca Cola $COKE has been in a correction mode since July 2017. But when we look at the weekly chart, we can see that the long-term trend is still bullish, even though it has gotten choppy since 2016. 

COKE Weekly Chart

(click to enlarge)

- Currently, $COKE is in a correction against the rally from 120 to 250, from June 2016 to July 2017.
Critical Support/Buy Zone:
- I think the current bearish momentum is strong in the short-term and medium-term.
- But I think this correction will run its course, and the long-term bullish trend will kick in.
- If price falls below 160 and the RSI below 30, we should start monitoring for a price bottom.
- A lower support zone between 140 and 150 should also be monitored, but a long-term bull market should start buying around 160.