$PEP: Support Holding, Turnaround Catalyst Ahead, $166 TargetPepsiCo, Inc.BATS:PEPCedric_InvestsSetup: PEP is holding the $138-140 zone that's acted as support since 2022, this is the 4th+ test of the level. Currently at $138.61, it rejected off ~$168 highs earlier this year and rolled back down to the floor. Reclaiming resistance opens the door back toward $166. Looking for continuation off support, with the refranchising deal as the driver and the $160 zone as the target. Why the fundamentals support this: ✅ Q2 revenue $24.18B, up 6.4% YoY ✅ Core EPS $2.20, up 4% YoY, beat estimates ✅ Global volume growth: food +3%, beverages +2%, led by international ✅ FY26 guidance reaffirmed: organic revenue growth 2-4%, core EPS growth 4-6% ✅ Elliott Management built a $4B stake, pushing for refranchising the bottling network (more like KO's asset-light model), portfolio cuts, and cost reductions ✅ PEP settled with Elliott, already announced org changes and a supply chain review The gap worth watching: North America is still soft, flat food volume and beverage volume down 4% domestically. The turnaround story is real but not yet showing up where it matters most. Earnings Oct 13 is the next checkpoint. Bias: Long above support. Target $166 if the zone holds and the turnaround gains traction. Invalidated on a close below $138 support. Timeframe: Multi-week to multi-month swing, this is a fundamentals-catching-up-to-price story, not a fast trade.