PEP: Breakout Retest Setup With Rising Wedge RiskPepsiCo, Inc.NASDAQ:PEPNexusChartToolsPepsi has broken out of the daily down channel, and I’m now watching for a pullback into the breakout retest zone rather than chasing price after the initial move. The key area I’m focused on is the $140.15–$141.60 breakout retest zone. If price pulls back into that area and holds, it could offer a cleaner long entry. A stronger bullish confirmation would come from: price holding the retest zone price reclaiming the 100 SMA momentum continuing to improve Daily RSI has already reclaimed the 50 level, which is a constructive sign for momentum. Targets Target 1: $149.23 — 200 SMA confluence Target 2: $160.25 — resistance Target 3: $170.57 — major resistance Important warnings / trade conditions PEP is still rejecting from the 100 SMA, so the breakout has not fully proven itself yet. The long-term red line is acting as macro support turned resistance, and price is currently still below it. The red line and rising green line may be forming a rising wedge, which creates a potential bearish risk if support fails. Because of that, I prefer a pullback entry into support rather than chasing strength into resistance. If price loses the breakout retest zone, the bullish setup weakens materially. A breakdown of the rising green support line would increase the odds of a larger wedge failure. Trade thesis This is a conditional bullish retest setup, not a momentum chase. The idea is to let price come back into support, see if bulls can defend the breakout, and then target the overhead resistance levels. But if price loses the retest area and wedge support, the bullish thesis becomes much less attractive. Educational analysis only — not financial advice.