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June 18, 2023- Next support is currently 39 cents away at $76.04
- Bollinger analysis indicates upper Band® is at $77.73
On an 8 day uptrend, Friday's session put the brakes on the ongoing uptrend — Restaurant Brands International closed a flat day of trading at $76.43 Friday after ending Thursday at $76.5.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the US fast food multinational as it added 25.43% compared to its 3-month low of $47.79.
Chart analysis indicates Restaurant Brands International Inc. is approaching key support, around 39 cents away from $76.04. 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. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Restaurant Brands International price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Restaurant Brands International's upper Bollinger Band® is at $77.73, suggesting that a downward move may follow.
Overall, while Restaurant Brands International has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota closed at $164.35 (down 2.28%). Walt Disney lost 1.74% Friday and closed at $91.32. Nike traded at $113.59 after closing Friday's trading day at $112.41 (up 1.05%).
