September 22, 2020 at 03:08PM

• PepsiCo reversed from support zone

• Likely to rise to 135.00

PepsiCo recently reversed up from the support area lying between the support level 129.35 (which earlier formed the two consecutive Bullish Engulfing patterns in June) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous two downward impulse waves (iii) and C.

PepsiCo is expected to rise further and re-test the next resistance level 135.00 (former multi-day support from the start of September).

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From: The FxPro Tech Analysis Team
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