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May 26, 2023- Price action backs away from resistance at $72.93 despite bullish mood
- Restaurant Brands International made an initial breakout above its 21 day Simple Moving Average at $72.04, a potential indicator of a newly emerging bullish phase.
Positive signs: after 13 days of being mostly flat Yesterday's session shows improvement: pronounced bullish sentiment in the market helped the fast food restaurant company to make a notable 0.88% gain yesterday, rising 63 cents and ultimately closing at $72.43.
The stock has been trending positively for about 2 months. Over the past 17 days, the US fast food multinational has retreated 2.14% from a noteworthy peak of $73.37.
Trend analysis indicates that Restaurant Brands International Inc. made an initial breakout above its 21 day Simple Moving Average at $72.04, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $74.04, thereby suggesting that Restaurant Brands International is becoming overvalued. Visual analysis of Restaurant Brands International's chart shows that although Restaurant Brands International is appreciating today after rising as high as $72.68, price action is now slowing and consolidating around 50 cents below the $72.93 resistance level.
Overall, the technical outlook suggests Restaurant Brands International is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
While Restaurant Brands International was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba drops 3% yesterday to close at $81.21. Home Depot lost 1.49% yesterday and closed at $286.75. Amazon lost 1.5% yesterday and closed at $115.
Upcoming fundamentals: United States Core Durable Goods Orders projected to decline to 0% while previous data was 0.3%; data will be released today at 12:30 UTC.
