Since trading at a three-year high of $10.80 in late March, shares of CCL have slid almost 30% to post a nine-year low of $7.66 on October 6th.
Buyers returned last week and lifted the share price back over $8.10.
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One of the likely reasons for investors’ interest was that the US Coca-Cola Company has recently increased their shareholding in CCL from 29.4% to 30.4%.
This increased stake has been part of the $350 million share buyback scheme announced by CCL earlier this year.
At this point we don’t have an ALGO buy signal on CCL, but will update as more price sensitive information comes forward.
Technically, we see the next level of price resistance in the $8.60 area.
Coca-Cola Amatil
