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June 29, 2023
- Restaurant Brands International overcomes resistance at $76.4
- Price action broke 6 cents above known Fib level ($76.38)
Restaurant Brands International has posted further gains as part of a 3 day trend that has already seen the stock gain 68 cents. As the session continues, it seems to maintain one direction — after ending yesterday at $76, Restaurant Brands International is currently trading at $76.44.
The stock has been trending positively for about 3 months. The fast food restaurant company now trading 17.71% above its 3-month low of $49.07.
Despite posting gains so far today, Restaurant Brands International Inc. slid below its 10 day Simple Moving Average at $75.95 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $77.2, thereby suggesting that Restaurant Brands International is becoming overvalued. On the other hand, note that price action overcame a known Fibonacci resistance level at $76.38 by around 6 cents with prices hammering out a $75.89 – $76.5 session range. Restaurant Brands International broke through the $76.4 resistance and climbed above it 4 cents; next resistance level is at $76.78.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Restaurant Brands International is set for a reversal in the coming days.
Fundamental indicators – Pending Home Sales in United States fell short of market expectations (0.2%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
At the same time, Alibaba is down to $83.17, losing 1.68%, after ending yesterday at $84.59. After closing the previous session (yesterday) at $129.04, Amazon lost $1.44 and is trading around $127.6. After closing the previous session (yesterday) at $88.83, Walt Disney lost 47.5 cents and is trading around $88.36.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
