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The world famous PepsiCo, Inc. (PEP) defended at the course lows of last week and this week, its rising main bull market support that has existed for over 3 years.
As on Thursday, where the PEP shares rallied unsusally strong by more than +3%, a next heavy weekly Slow Stokes oscillator buy signal was triggered and at the same time an extremely important GUNNER24 Gann Angle resistance on weekly chart was overcome, the PEP shares should be able to deliver further higher alltime-highs until the end of the year:
Within technical weekly chart of PEP shares since 2018 you recognize a orange highlighted +3y Rising Parallel Bull Market Channel in which the price of the shares is located most of the time.
The upper rail of the orange highlighted +3y Rising Parallel Bull Market Channel is perfect confirmed rising alltime-high (ATH) resistance magnet as a total of 5 higher ATH`s were printed there since mid-2019 or so.
The current ATH was brought in the course of August 2022 at 181.07$. You can see well that the trading year 2022 also respects a Rising Parallel Channel. A yearly Rising Parallel Channel within overall Rising Parallel Bull Market Channel is strong bull market behaviour.
Or, PEP shares are in a very strong bull market, despite all the difficulties on our earth.
Since final lows of last week & this week successfully retested both Parallel Channel supports rails at the same time, and now a massive upward movement began, which is accompanied by a strong weekly Slow Stokes long signal, the next test of the dark-red dotted rising ATH resistance upmagnet is activated.
That for 2022 very valid rising ATH resistance upmagnet should be hit/worked off within maybe 5 to 6 trading weeks at a 183.00$ or so.
This nowadays very bullish short-term outlook is provided by this valid GUNNER24 Up Setup on weekly base. We may let it start measuring to the upside at the annual low of 2022 reached:
This market forecasting instrument is a textbook weekly 8-Fib number GUNNER24 Up, starting at # 1 // 153.37$ // March 2022 Low = final low of entire 2022.
At the August highs and ATH, we recognize a fake/false breakout above the Blue Arc, but this 2022 MAIN arc resistance magnet subsequently pulled the stock price back down and then trapped it for a long time, limiting the rise in price.
Look at the small blue rectangles to see how important the Blue Arc item is for the price.
This week rally pierced the natural main resistance of the Blue Arc by large however, this arc began to radiate its enormous resistance energy in the course of Friday and PEP shares were ultimately unable to take this arc on a weekly closing price basis.
But there is a medium strong weekly long signal triggered! As this week rally finally broke the natural 1*1 Gann Angle &&& 40-week MA to the upside. On weekly closing base ...
This GUNNER24 Long Signal occured after the second successfull backtest of the 1*2 Angle what likely radiates rising support energy on yearly base. As it naturally arises from the FINAL LOW of the year 2022 ...
==> This week fired weekly GUNNER24 Long Signal (combined with weekly Slow Stokes long signal) activated the likely future work off of the 1st double arc uptarget what could be worked off or achieved at the 183$ surroundings then when the for 2022 determinant rising dark-red dotted ATH resistance magnet intersects 1st double arc uptarget:
==> Shortterm uptarget at 183$. It seems the 183$ uptarget work of looks to be due late-November to early-December. The 183$ magnet is a MAJOR resistance uptarget magnet where another very important and for longer lasting ATH could be reached.
Since this week`s rally movement was unusual strong event for this rather sleepy stock, this "exaggeration" usually needs to retest resp. has to backtest the combined 1*1 Gann Angle & 40-week MA support magnet early next week.
==> For the next 5 trading days, the obvious backtest support magnet of the 1*1 Gann Angle & 40-week MA runs at 168$. If you enter longs there or around there, please place a SL at 163$ for your risk control.
Be prepared!
Eduard Altmann
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