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Coca Cola (KO) Looks Ready for Bullish Continuation

Coca Cola (KO) has been bullish in 2017 after a bearish 2016. The daily chart shows a double bottom form at the turn of the year, and a subsequent rally that stalled at 46.00 in June.

Coca Cola (KO) Daily Chart

(click to enlarge)

- As we can see on the daily chart, price action has been bullish in 2017, rallying from 40.00 at the end of last year to 46 by May.
- It has since been consolidating.
- The consolidation could be over as price rebounds. 
- Note that the RSI held above 40, which reflects maintenance of the bullish momentum.
- Also, price remains above the 200- and 100-day simple moving averages (SMAs). 
- KO has been able to make a new high every year or two, so I think with the bullish continuation scenario, there is at least upside to 47-47.15 and possibly beyond.