If shares of Coca-Cola Company (NYSE:KO) reach $54.50, there’s a good chance they rebound. There will probably be support at this level.

$54.50 was a resistance level and many of the investors who sold at $54.50 now regret their decision to do so because the price is higher. A good number of them decide to buy their shares back, but they will only do so if they can get them for the same price they sold at.

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As a result, these investors place their buy orders at $54.50. If there is a large enough number of these orders, it will cause support to form, which could put an end to the recent downtrend.