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Pepsi (PEP) Stock Bubbles Up Over $100; Breakout Should Stay Fizzy

NEW YORK (TheStreet) -- PepsiCo (PEP - Get Report) broke out to a new 52-week high recently, but it has pulled back to the breakout point, and this could be an opportunity to go long or add to longs on PEP.

For several months and on numerous attempts, PEP could not break par ($100). Recently PEP was able to break above $100, but a pullback developed with the resistance level ($100) becoming the new support level. PEP is above both the 50-day and the 200-day moving average, and the slope of the 50-day is turning up. This looks like a pullback that can be bought.

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This longer-term picture of PEP, above, shows both the breakout over $100 and the slow and steady rise for the On-Balance-Volume line. Sometimes you get false breakouts and breakdowns, but this longer-term view suggests that this breakout has further upside.

Separately, TheStreet Ratings team rates PEPSICO INC...