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June 20, 2023
A quick look at today: a tough session dominated by bearish sentiment left Yum! Brands $2.76 lower, while setting a $135.73 to $138.46 session range.
Amid the market gloom, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts came out at 21.7%, better than analyst estimates of -0.8% and improving upon the previous reading of -2.9%. United States Housing Starts (May) released today at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
Yum! Brands Inc made an initial break below its 5 day Simple Moving Average at $136.95, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $137 currently serving as support. If price action breaks below, the next Fib hurdle is $135.61. Yum! Brands's upper Bollinger Band® is at $139.41 which indicates a further downward move may follow. Despite this, Yum! Brands could begin to recover as it approaches significant support, now 94 cents away from $134.88. Dipping below could be an indication that further losses are ahead.
Looking forward, Yum! Brands is poised to extend its strong downtrend and continue declining.
Yum! Brands was not the only decliner in the consumer discretionary sector; Toyota closed at $157.15 (down 4.38%). Nike went down to $109.54, losing 3.57% after it closed at $113.59 today. Alibaba went down 4.53%, closed at $92.1.
Furthermore, United States Fed Chair Powell testimony is scheduled tomorrow at 14:00 UTC.
Yum! Brands hit a significant low of $105.25 around 8 months ago, but has since recovered 31.67%.
