Good afternoon. To start off the week, we are going to be looking at a promising new reversal signal that confirmed this afternoon on Pepsico. The signal was generated by our default OmniTrader 2017 Reversal strategy.
PEP topped out last month and has been sliding since, but it recently tested support at $114 and responded in a bullish manner by pivoting off of support and moving higher. Volume increased as PEP became oversold which often leads to reversal moves. It will test several moving averages, both simple and exponential, in the coming days, so we will know quickly if this reversal is the real deal or not. If those moving averages are broken, we could see PEP return to its August highs heading deeper into the fall.
To learn more about the Reversal Strategy and OmniTrader 2017, you can check it out here!
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