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May 31, 2023
- Price action fails to overcome resistance at $73.38 after brief test; now trading 47 cents lower
- Restaurant Brands International made an initial breakout above its 21 day Simple Moving Average at $72.48, a potential indicator of a newly emerging bullish phase.
Restaurant Brands International has posted further gains as part of a 4 day trend that has already seen the stock gain 62 cents. Restaurant Brands International lived up to expectations today by maintaining its set course — after ending yesterday at $72.42, Restaurant Brands International went up to $73.41 only to drop back, yet still traded well overall and closed at $72.91 today.
The stock has been trending positively for about 2 months. The past 3 months have been positive for the US fast food multinational as it added 12.3% compared to its 3-month low of $46.94.
Technical analysis shows that after reaching the known resistance zone beginning at $73.38, Restaurant Brands International Inc. price action retreated approximately 47 cents. Trend and momentum analysis indicates that Restaurant Brands International made an initial breakout above its 21 day Simple Moving Average at $72.48, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Restaurant Brands International's upper Bollinger Band® is at $74, this is a slight indication of a slowdown.
Notwithstanding Restaurant Brands International's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States JOLTs Job Openings (Apr) released today at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million.
Restaurant Brands International went up today, yet these consumer discretionary stocks did not follow — Home Depot closed at $283.45 (down 2.36%). Lowe's closed at $201.13 (down 2.22%). Toyota closed at $136.13 (down 1.16%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
