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NYSE:KO may be ready to breakout.

By Mill Chart

Last update: Mar 28, 2024

Our stock screener has spotted COCA-COLA CO/THE (NYSE:KO) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:KO.

KO Daily chart on 2024-03-28

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 7 out of 10 to KO. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, KO is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • KO is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so KO is lagging the market slightly.
  • When comparing the performance of all stocks over the past year, KO turns out to be only a medium performer in the overall market: it outperformed 40% of all stocks.
  • KO is part of the Beverages industry. There are 33 other stocks in this industry, KO did better than 59% of them.
  • In the last month KO has a been trading in a tight range between 58.97 and 61.43.

Check the latest full technical report of KO for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:KO currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, KO also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 61.21. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 60.56, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:KO

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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COCA-COLA CO/THE

NYSE:KO (5/30/2024, 8:43:07 AM)

61.75

+0.05 (+0.08%)

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