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May 20, 2023- Price action honing in on likely support at $72.88
- Bollinger analysis indicates upper Band® is at $74.89
In the midst of a 12 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — without a clear direction, Restaurant Brands International closed at $73.26 while ranging between $72.89 and $73.66.
The stock has been trending positively for about 2 months. Having set a significant low of $46.94 11 months ago, the fast food restaurant company is trading 56.28% higher.
Trend analysis indicates that Restaurant Brands International Inc. made an initial breakout above its 5 day Simple Moving Average at $73.09, a potential indicator of a newly emerging bullish phase. Momentum evaluation shows that the Relative Strength Index indicates Restaurant Brands International is in an overbought condition. Asset volatility analysis shows that Restaurant Brands International's upper Bollinger Band® is at $74.89, suggesting that a downward move may follow. Restaurant Brands International chart analysis: Restaurant Brands International is approaching key support, around 38 cents away from $72.88. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, while Restaurant Brands International has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Nike closed at $114.76 (down 3.46%). Walt Disney closed at $91.35 (down 2.57%). Alibaba closed at $84 (down 2.09%).
