Coca-Cola due to report Q2 earnings tomorrow. Expected to report an EPS of $0.72 on revenue of 11.73bn.

Coca-Cola is currently trading at around $62.52 a share. The company is due to report its quarterly earnings tomorrow, looking at the technical aspect of its stock, the bias at this moment in time is bullish. We can see that on the daily timeframe the price is trying to form a W-shaped pattern, a positive earnings report may see a continuation of this trend. On the upside, the resistance sits at $62.80 then at $63.06 and then at $63.62. A break above $63.62 could see the price head higher once again towards the cluster between $64-$65. On the downside, if the soft drink giant reports poor earnings with a bleak future outlook then we could see the price slide. The support sits along the green trendline, the rise from July 12^th has been pretty sharp, so it does not necessarily mean that a break below the trendline is an indication of further downside. Nevertheless, support sits at $62.02, a break below it could then see a move lower towards $61.75 and maybe even $61.04. Looking at the technical indicators, they are strongly positive with the MACD volume still at its highest level and the RSI reading 64.