Watch This Trade Level For Pepsico Inc (PEP)
Leading food and beverage company, Pepsico Inc (PEP), has been steadily declining since December 29th, 2020. At that time, the stock traded as high as $148.77 a share. Since that peak, the shares have fallen and are now trading at $137.22 a share. Traders should note that Pepsico (PEP) stock is now trading below the important 50 and 200-day moving averages. This puts the stock in a weak technical position on the daily chart. It will usually indicate further downside for the shares in the near term.
The next major support level for Pepsico Inc (PEP) stock will really be down around the $129.00 area. This support level is where the stock broke out to the upside in late September 2020. Often, prior breakout levels will be defended when initially backtested. This area is also a key retrace level which should serve as important support when tested. Pepsico Inc (PEP) is expected to report earnings on February 11, 2021 before the opening bell.
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