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April 24, 2023
Friday at a glance: pronounced bullish sentiment in the market helped the US fast food company to make a notable 0.6% gain Friday, rising 83 cents and ultimately closing at $138.33.
Yum! Brands Inc could be slowing down soon as it approaches resistance at $138.89. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, Yum! Brands slid below its 3 day Simple Moving Average at $137.4 during the last session — an early indicator that a negative trend could be emerging. Yum! Brands's upper Bollinger Band® is at $140, this is a slight indication of a slowdown.
Technical analysis of Yum! Brands price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
A look at other consumer discretionary stocks also showed bullish price action as Amazon added 3.03% to its value, and traded at $106.96. Walt Disney was up 1.53%.
While Yum! Brands was bullish Friday, the following consumer discretionary stocks underperformed: Alibaba went down to $89.13, losing 1.77% after it closed at $90.74 Friday.
Also worthy of note, projections for United States Consumer Confidence are set for a continuation of decline with 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, the market is looking at United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. 3 days ago the US fast food company reached a significant high of $138.33 but has consequently lost 0.6% since then.
