Coca-Cola ekes out a minute profit - Analysis - 24-05-2016

Coca-Cola's stock rose slightly in the intraday levels, scoring a tiny profit of 0.05% in the last session, or 0.02 points, after the stock leaned on the support of 34.94, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 40.75 to 47.13), lending it some positive momentum that helped it rise as it tries to recover past losses, with ongoing negative pressure from the SMA for the last 50 days period. 

Therefore we expect the stock to return lower in the coming trading, especially if it breached the support of 34.94, targeting thereafter the support of 43.19, which represents the ratio 61.8% of the same retracement levels mentioned earlier.