PepsiCo - seems like it may have found support after the 16% decline since July. Earnings next week are now the main focus

Taking a look at PepsiCo ahead of its earnings next week, currently, its stock is trading at around $171.70 a share. Looking at the weekly chart, we can see that the stock may have found a great support level between $155-$157 (lower green oval) in October, after the 16% decline since July. It found some resistance at $175.06 (red oval) at the start of January due to caution on what the year ahead could hold. Many investors were likely cashing in some profits to test the waters for the rest of the year. This resulted in a minor pullback towards $164.39 (upper green oval) where a new support level has formed. In addition, we can see an engulfing candlestick for this week as it stands, which could be due to a build of momentum ahead of the earnings and the Super Bowl on Sunday. PepsiCo is one of the sponsors at the Super Bowl, potentially aiding its earnings right before the earnings call. If the price moves above the resistance of $175.06 then the next psychological resistance would be $180-$181.80. A move below the first support of $164.39 could then increase the likelihood of a re-test of the October support. Looking at the technical indicators, they are looking rather positive with the MACD on the rise and the RSI now reading 51.