Pop Open a Pepsi

I don't envision PepsiCo (PEP) delivering a quarter subpar to Coca-Cola (KO), so I'm slightly optimistic heading into its report Wednesday. Resistance looks to be around $81.50, where a break above could get PEP towards $83. A break above the descending triangle could get some KO players to move over to PEP for a short-term ride. Support comes on very strong in the $78.40 to $78.90 area and I don't see it breaking. I am taking a more complex approach into this earnings report.

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