Coca-Cola Wave Analysis 12 February 2024

– Coca-Cola reversed from pivotal support level 59.00

– Likely to rise to resistance level 60.70

Coca-Cola today reversed up from the pivotal support level 59.00 (which has been reversing the price from the start of January), intersecting with the lower daily Bollinger Band.

The support level 59.00 was strengthened by the support trendline of the daily up channel from December and by the 50% Fibonacci correction of the upward impulse from December.

Given the clear daily uptrend, Coca-Cola can be expected to rise further to the next resistance level 60.70 (which stopped the previous impulse wave (i)).