Market Spotlight: Coca Cola Hits Fresh Highs Following Q1 Correction

market-spotlight:-coca-cola-hits-fresh-highs-following-q1-correction

Coca Cola Shares ReboundFollowing a tricky period across the middle of Q1, Coca Cola shares have rebounded firmly in recent weeks and are now trading at fresh, all-time highs. The company saw its stock price plunge by around 9% in March as investors scorned KO for now immediately joining the wave of global corporates boycotting Russian over its invasion of Ukraine. KO was one of the last major names to continue operating there, along with McDonalds. However, since announcing a suspension of operations in Russia, shares have since rebounded, buoyed also by the pickup in risk appetite across the end of Q1.Looking ahead, KO is due to report earnings on April 25th with EPS projected at $0.58, which would mark an increase on the prior quarter’s $0.45 EPS. Revenues are also forecast to improve to roughly $9.9 billion from the prior quarter’s $9.4 billion.Technical ViewsKOThe recovery in KO shares off the 57.53 level and bull channel low has seen the market advancing firmly with shares breaking through several key levels. The latest advance has seen the market breaking above the prior highs at 62.80. With both MACD and RSI firmly bullish here, the focus is on further upside while that level holds.

Source: Tickmill

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