Coca-Cola Wave Analysis – 20 May, 2020

• Coca-Cola broke daily Falling Wedge

• Likely to rise to 48.00

Coca-Cola continues to rise inside the sharp corrective wave 2 which started earlier from the support area lying between the key support level 43.45, the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward correction from the start of March.

The price earlier broke the resistance trendline of the daily Falling Wedge from April – which accelerated the active correction 2.

Coca-Cola is likely to rise further toward the next resistance level 48.00 (top of the previous ABC correction (2) from April).