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June 09, 2023
A quick look at yesterday: after closing at $132.44 on Wednesday, Yum! Brands maintained a strong bullish bias that helped the stock close higher at $133.2 yesterday. However, market bears ensured the Yum, a fast food corporation operating the KFC, Pizza Hut and Taco Bell brands, topped out at $133.25 and that by the end of the session, the market had marked out a distinct $131.35 to $133.25 range.
On the flip side, United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.31 trillion.
Yum! Brands Inc made an initial breakout above its 3 day Simple Moving Average at $133.16, a potential indicator of a newly emerging bullish phase. Despite this, Yum! Brands is 65 cents away from testing key resistance at $133.85. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Yum! Brands might continue pointing upwards in the short term.
This rally in Yum! Brands's share price coincided with other consumer discretionary stocks as Tesla gained 4.58%, as it traded at $234.86. Amazon was up 2.49%. McDonald's traded at $285.78 after closing yesterday's trading day at $281.9 (up 1.38%).
The US fast food company has fallen back around 7.32% over the past a month, from a notable high of $142.9.
