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Pepsico (PEP) Confirms a Price Top

Pepsico (PEP) has been bullish in 2017, but has completed a price top, suggesting a period of consolidation/bearish correction.

Pepsico (PEP) Daily Chart

(click to enlarge)

Price Top; Consolidation Mode:
- The daily chart shows that price started to stall in June, with PEP failing to push above 118 several times. 
- Then, it completed a price top, but price was hanging around just under 116.
- A push above 116 would have challenged the price top, but the market instead sold PEP during the 7/10 session.
- The sharp sell-off confirms a price top and suggests further downside at least towards the 110 area. 
- Around 110, we have some important support/resistance pivots. 
- I think price action will become choppy in the second half of 2017. There might not be too much downside, but there should also be limited upside.