Coca-Cola shares gain a fourth straight session on Friday, Nestea iced tea venture with Nestle to be ended

Coca-Cola Company and Nestle have come to an agreement to put an end to their Nestea iced tea joint venture and continue their separate ways amid dynamic bottled drinks market environment. Beverage Partners Worldwide, which distributes the Nestea iced tea globally, was established by the two entities back in 2001, but soon encountered tough competition from Lipton iced tea, a product distributed by Unilever and PepsiCo. The ventures selling efforts were scaled back to Canadian and European markets in 2012.

Coca-Cola shares closed higher for a fourth consecutive trading session on Friday. The stock inched up 0.02% ($0.01) to $42.48, with the intraday high and the intraday low being at $42.49 and $42.25 respectively. In the week ended on March 5th the shares of the beverage company added 1.68% to their market value compared to a week ago, which marked a third consecutive period of gains and also the best performance since the week ended on December 11th 2016. The stock has extended its advance to 1.24% so far during the current month, following a 0.94% surge in February. The latter has been a third straight month of gains. For the entire past year, the shares of the NYSE-listed beverage maker lost 3.49%.

According to a March 3rd statement by Nestle, Coca-Cola Company is to continue holding a license, which allows it to manufacture and sell the Nestea drink in Canada, Spain, Portugal, Andorra, Bulgaria, Romania and Hungary. At the same time, the Nestle Waters division is to manage the product in those countries across Europe, which are not affected by the licensing agreements with Coca-Cola.

“The ready-to-drink tea market has evolved, and Nestle believes the time is right to develop Nestea independently”, Nestle said in a statement last Friday, cited by Reuters.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Coca-Cola stock are presented as follows:

R1 – $42.50
R2 – $42.52
R3 (Range Resistance – Sell) – $42.55
R4 (Long Breakout) – $42.61
R5 (Breakout Target 1) – $42.69
R6 (Breakout Target 2) – $42.72

S1 – $42.46
S2 – $42.44
S3 (Range Support – Buy) – $42.41
S4 (Short Breakout) – $42.35
S5 (Breakout Target 1) – $42.27
S6 (Breakout Target 2) – $42.24

By using the traditional method of calculation, the weekly levels of importance for Coca-Cola Company (KO) are presented as follows:

Central Pivot Point – $42.21
R1 – $42.83
R2 – $43.18
R3 – $43.80
R4 – $44.42

S1 – $41.86
S2 – $41.24
S3 – $40.89
S4 – $40.54