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February 28, 2023- Restaurant Brands International is eyeing $64.06 as its nearest support level
- A crossing of the lower Bollinger Band® at $64.79 suggests further losses may follow for Restaurant Brands International.
While on a 5 day slump, falling a total of 4.91%, Similar trend today: the fast food restaurant company slides down from $65.3 to $64.42, losing 87.5 cents (1.34%).
Trading mostly sideways for a month. Having set a significant high of $68.48 15 days ago, the fast food restaurant company is trading 4.64% lower.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Restaurant Brands International has just crossed the lower Bollinger Band® at $64.79, indicating further losses could be forthcoming. On the other hand, note that Restaurant Brands International could begin to recover as it approaches significant support, now 37 cents away from $64.06. Dipping below could be an indication that further losses are ahead.
Looking forward, Restaurant Brands International is poised to extend its strong downtrend and continue declining.
Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 108.5 with a reading of 102.9.
Restaurant Brands International's stock value drop coincides with Alibaba is down to $87.72, losing 1.71%, after ending yesterday at $89.25.
Positive performances can be seen by looking at other consumer discretionary stocks as Nike is up 1.45% to $120.25. Lowe's gained 1.77%, currently at $207.85.
Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 440,000, following on from the preceding figure of 7.65 million. New data is set to be published tomorrow at 15:30 UTC.
