Coca Cola Higher Pre-MarketShares in beverage giant Coca Cola (KO) are trading higher ahead of the open today as the company’s stock continues to rebound following the 9% decline from YTD highs. Coca Cola shares had been under pressure over its initial refusal to join the tides of global companies suspending operations in Russia out of protest at the invasion of Ukraine. However, following initial reluctance, KO announced that it was suspending operations last week citing its commitment to the international outcry over Putin’s actions.The company posted a bumper set of Q4 earnings last month with an EPS of $0.45, above the $0.41 expected. Revenues were also higher at $9.47 billion, versus estimates of $8.986 billion. Looking ahead, the company has forecasted a profitable Q1 as the world continues to rebound following the pandemic. However, there are concerns now over how the conflict in Ukraine will impact the brand.Technical ViewsKOThe breakdown through the rising channel and support at the 58.94 level now poses the question; is this merely a deep correction, or the start of a bearish trend? The key to determining this will be how price reacts as we test the 60.23 level first and then the 61.57 level above, which might prove to the right shoulder of a large head and shoulders, suggesting room for a continuation lower. However, if price breaks these levels, the focus will be on a continuation above the 62.80 level.
Source: Tickmill
