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March 06, 2023- Price action is gradually approaching a key resistance hurdle at $64.35
- Market bulls strengthened by lower Bollinger Band® currently at $63.19
Restaurant Brands International is in the midst of a 9 day downtrend. A possible change of direction spotted from Friday; after closing at $63.95 on Thursday, Restaurant Brands International maintained a strong bullish bias that helped the stock close higher at $64.08 Friday. However, market bears ensured the the fast food restaurant company topped out at $64.24 and that by the end of the session, the market had marked out a distinct $63.66 to $64.24 range.
The US fast food multinational is now trading 6.62% below the significant high of $68.48 it set around 21 days ago.
Restaurant Brands International Inc. made an initial breakout above its 3 day Simple Moving Average at $64.09, a potential indicator of a newly emerging bullish phase. Restaurant Brands International's lower Bollinger Band® is at $63.19, indicating that the market is oversold and fertile for new buyers. In contrast, Restaurant Brands International could be slowing down soon as it approaches resistance at $64.35. Of course, crossing it might suggest further gains are ahead.
Restaurant Brands International continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in Restaurant Brands International's share price coincided with other consumer discretionary stocks as Amazon was up 3%. Walt Disney was up 2.24%. Toyota traded at $139.83 after closing Friday's trading day at $137.27 (up 1.86%).
Upcoming fundamentals: United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC.
