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12/11/98 Coca Cola (KO) Points to watch: Stock has been weakening since mid November. The stock's bear market rally was stopped at the 62% retracement of its July to September decline (75.534). Coca Cola has fallen below its 50 week moving average (70.73), Gann support at 69.14, and the 38% retracement level at 67. On Thursday the stock tested intraday, and successfully held on a closing basis, Gann support at 65.7. The close of 66.06 left Coke at critical support levels (100 day moving average at 66.1, Fibonacci fan lines at 66.4, and Gann angle support at 65.7). Daily MACD and RSI are in downtrends, and OBV has turned down sharply. Daily CCI has given a sell signal. Downside support exists at 64.49 (the 50% retracement level. Aggressive traders may short on a break below 65.75, conservative traders should wait for a move below support at 64.49. |
