PepsiCo: Nearing Key Target ZonePepsiCo, Inc.NASDAQ:PEPHKCM_GlobalAt the end of June, PepsiCo shares pulled back to the $135 level, nearly touching the upper boundary of our green Target Zone ($132.55–$121.20). Since then, the price has rebounded about 7%, but we still expect PEP to face renewed selling pressure in the near term. Our primary view is that Pepsi shares will continue to move lower and complete their decline within our green Target Zone ($132.55–$121.20). After that, we anticipate a new upward move, during which the stock should break above the resistance line at $171.48. Alternatively, it’s possible the downward move has already ended. In this case, the price would need to rise soon and break through resistance at $159.76 directly (probability: 34%).