Coke Shows Cracks
Coca-Cola (KO) is taking out key short-term support today. The stock is off just shy of 1.25% late in the session and has been in the red since the very early going. As we head into the final 30 minutes of trading, KO is putting in fresh lows even though it had an overall positive day. Today's slide extends a string of weak action of late. The shares have closed lower during 14 of the last 17 sessions.
Late last week, KO hit key near-term support just above $38.00. The stock held this level for back-to-back weekly lows last month. Coke bounced a bit off this area but yesterday's accelerated selling did some damage. Today, the stock appears to be breaking down as last month's lows fade away. I believe KO is headed for a retest of major support near its 200-day moving average, which is also the early June low....35 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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