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May 17, 2023
Yesterday at a glance: pronounced bullish sentiment in the market helped the US fast food company to make a notable 0.73% gain yesterday, rising $1 and ultimately closing at $138.78.
United States Building Permits (Apr) is next today at 12:30 UTC.
Yum! Brands's uptick comes amid good United States macroeconomic data released during the day — new Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.
Nevertheless, United States Retail Sales improved upon its previous reading of -0.7% with a new data release of 0.4%.
At the same time, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.
Yum! Brands's notable support and resistance levels: Yum! Brands Inc could be slowing down soon as it approaches resistance at $139.53. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, Yum! Brands made an initial breakout above its 21 day Simple Moving Average at $138.31, a potential indicator of a newly emerging bullish phase. Yum! Brands is currently trading around the $138.39 Fibonacci resistance level. Analysis based on the asset volatility indicates that Yum! Brands's upper Bollinger Band® is at $141.85, this is a slight indication of a slowdown.
All in all, the technical analysis suggests Yum! Brands has no clear-cut direction.
This rally in Yum! Brands's share price coincided with other consumer discretionary stocks as Amazon was up 1.98%.
Yum! Brands went up yesterday, yet these consumer discretionary stocks did not follow — Nike closed at $116.48 (down 2.8%). Walt Disney went down to $91, losing 2.02% after it closed at $92.86 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -920,000 — worse than previous data of 2.95 million; data will be released today at 14:30 UTC.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (May) scheduled to come out tomorrow at 12:30 UTC.
The stock has been trending positively for about 2 months. Approximately 15 days ago, the US fast food company reached a significant high of $142.9 but has struggled to hold onto its gains and declined 3.58% since then.
