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April 27, 2023- Prices have climbed $2.35 away from the nearest support level at $66.58
- Bollinger analysis indicates upper Band® is at $70.26
In the midst of a 15 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — Restaurant Brands International ended Tuesday's session at $68.95. yesterday started with an increase to $69.63, but dropped back and closed at $68.93.
The stock has been trending positively for about a month. Having set a significant high of $69.72 3 days ago, the US fast food multinational is trading 1.1% lower.
Restaurant Brands International Inc. made an initial break below its 5 day Simple Moving Average at $69.12, a possible indication of a forthcoming negative trend. Restaurant Brands International's upper Bollinger Band® is at $70.26, suggesting that a downward move may follow. On the other hand, note that Restaurant Brands International is climbing away and is now $2.35 from the $66.58 support line.
Despite the market lacking direction, technical chart analysis strongly suggests Restaurant Brands International is positioned for a downward move in the near term.
Fundamental indicators – data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -4.58 million to -5 million this month.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Home Depot closed at $288.07 (down 2.79%). Amazon added 2.35% to its value, and traded at $105. Tesla went down 4.31%, closed at $160.67.
Upcoming fundamentals: as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published today at 14:00 UTC.
