PEP closes above its opening price after recovering from early selling pressure
Moving higher for the 2nd day in a row, PEP finished Thursday at 97.92 gaining $0.73 (0.75%). Today's closing price of 97.92 marks the highest close since May 7th. Trading up to $0.40 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 97.55, the share confirms its breakout through the prior session's high having traded $0.44 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $0.84 (0.86%), that's far below last trading month's daily average range of $1.65. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 96.36 and 98.26 which it has been in now for the last trading week.
Although PepsiCo Inc. is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the nearby swing high at 98.26 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 96.36 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
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|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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