PEPsico is looking to pop up further Pepsico, Inc.BATS:PEPWilliam-tradingPEP had a strong gap up, and with the latest completion of the cup and handle, it is clear that the upside is likely coming back. Bullish engulfing candle was seen as a strong contender for continued upside. My guess is with the positive momentum, the stock is likely to break above the downtrend channel. Long-term MACD is strong and histogram is positive. Crossover at the bottom confirms the reversal. Stochastic oscillator shows oversold signal in. 23-period ROC is positive and DMI shows strongly firm in bullish strength. Key immediate support is at 138.00 and 168.12 will be our major target.