Coca-Cola shares edge lower for a fourth session in a row on Wednesday despite revenue, earnings beat during third quarter

Coca-Cola’s third-quarter revenue and earnings, reported on Wednesday, exceeded market expectations, as the companys sales in North America rose 3%. Cokes more aggressive approach to juice, tea and vitamin water sales as well as its cost reduction efforts seemed to have facilitated the expansion of its market share in key regions.

Coca-Cola shares closed lower for a fourth consecutive trading session on Wednesday. The stock edged down 0.28% ($0.13) to $46.05, after touching an intraday low at $45.93, or a price level not seen since October 11th ($45.87).

In the week ended on October 22nd the shares of the beverage company added 0.43% to their market value compared to a week ago, which marked a third consecutive period of gains.

The stock has pared its advance to 2.31% so far during the current month, following a 1.19% slump in September. The latter has been a second straight month of losses.

For the entire past year, the shares of the NYSE-listed beverage maker lost 3.49%. However, the stock has risen 11.07% so far in 2017.

Coca-Colas share of the North American market for non-alcoholic drinks increased to 22% in 2016, while its rival PepsiCo had a 19% share, Euromonitor data showed.

Cokes beverage sales in North America surged to $2.75 billion during the third quarter, while those of PepsiCo shrank for the first time in two years.

Meanwhile, Coca-Colas total revenue dropped 14.6% to $9.08 billion during the latest quarter compared to the same period a year earlier due to re-franchising. However, analysts on average had expected a larger revenue drop – to $8.72 billion.

The companys net income was reported to have increased 38% to $1.45 billion during the past quarter, while its earnings per share, excluding special items, were reported at $0.50. In comparison, the median forecast by analysts had pointed to earnings of $0.49 per share, data by Thomson Reuters showed.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Coca-Cola’s stock price, have a median target of $47.00, with a high estimate of $53.00 and a low estimate of $39.00. The median estimate is a 2.06% surge compared to the closing price of $46.05 on October 25th.

The same media also reported that 16 out of 28 surveyed investment analysts had rated Coca-Cola’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

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 – $46.13
R2 – $46.20
R3 (Range Resistance – Sell) – $46.28
R4 (Long Breakout) – $46.50
R5 (Breakout Target 1) – $46.76
R6 (Breakout Target 2) – $46.87

S1 – $45.97
S2 – $45.90
S3 (Range Support – Buy) – $45.82
S4 (Short Breakout) – $45.60
S5 (Breakout Target 1) – $45.34
S6 (Breakout Target 2) – $45.23

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

Central Pivot Point – $46.42
R1 – $46.75
R2 – $47.11
R3 – $47.44
R4 – $47.76

S1 – $46.06
S2 – $45.73
S3 – $45.37
S4 – $45.00