Support 1: 128.38                  Resistance 1: 135.24

PepsiCo has just completed its 5th Minor phase rally wave. Based on the technicals, the expanding triangle corrective pattern is edging towards completion as the price level has hit the E leg of the bottom triangle pattern. To further note this bullish momentum, the strong bullish candle leaving the demand zone clearly shows a strong buying indication.

On the indicators, stochastic reveal overbought conditions by crossing in the oversold zone and there is a possibility the 22 and 50 SMA will be crossing once the price edge higher.

CHART LEGENDS

Red dotted line = 200 periods moving average

Blue dotted line = 50 periods moving average

Green dotted line = 22 periods moving average