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May 08, 2023
- Restaurant Brands International overcomes resistance at $72.14
- Upper Bollinger Band® currently at $72.84
The US fast food multinational went up to $72.48, gaining 1.26%.
The stock has been trending positively for about 2 months. The fast food restaurant company is now trading 0.78% below the significant high of $72.14 it set around 6 days ago.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Restaurant Brands International's case, the index has risen above 70, signalling that the asset is overbought. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $72.84, thereby suggesting that Restaurant Brands International is becoming overvalued. Visual analysis of Restaurant Brands International's chart shows that Restaurant Brands International broke through the $72.14 resistance, climbing 34 cents above it.
Overall, the technical outlook suggests Restaurant Brands International is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in Restaurant Brands International's share price coincided with other consumer discretionary stocks as Walt Disney traded at $102.97 after closing today's trading day at $100.52 (up 2.44%). Tesla was up 1.02%.
While Restaurant Brands International was bullish today, the following consumer discretionary stocks underperformed: Lowe's went down 0.86%, closed at $205.81.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
