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May 14, 2023- Prices have climbed 53 cents away from the nearest support level at $72.35
- Bollinger analysis indicates upper Band® is at $74.18
Stable at $72.88 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — without a clear direction, Restaurant Brands International closed at $72.88 while ranging between $72.37 and $73.45.
The stock has been trending positively for about 2 months. Having set a significant high of $73.37 5 days ago, the US fast food multinational is trading 0.72% lower.
Restaurant Brands International Inc. made an initial break below its 5 day Simple Moving Average at $72.65, a possible indication of a forthcoming negative trend. Restaurant Brands International's upper Bollinger Band® is at $74.18, suggesting that a downward move may follow. Despite this, Restaurant Brands International is climbing away and is now 53 cents from the $72.35 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.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Alibaba closed at $85.34 (down 2.9%). Nike closed at $120.21 (down 1.64%). Amazon went down to $110.26, losing 1.71% after it closed at $112.18 Friday.
