- Nearest support line of $67.14 is only 26 cents away
- Price action fails to breach Fibonacci support at $67.5 and bounces 10.28 cents upon testing
During a 4 day uptrend, Restaurant Brands International gained a total of $1.66, or 1.98%. Now turning against its recent performance, while bearish sentiment is dominating the market, the fast food restaurant company is maintaining its poise around $67.4 while ranging between $67.14 and $68 so far today.
The stock has been trending positively for about a month. Restaurant Brands International hit a significant low of $46.94 around 8 months ago, but has since recovered 44.33%.
Restaurant Brands International Inc. made an initial break below its 21 day Simple Moving Average at $67.29, a possible indication of a forthcoming negative trend. Restaurant Brands International's upper Bollinger Band® is at $68.5 which indicates a further downward move may follow. In contrast, Restaurant Brands International could begin to recover as it approaches significant support, now 26 cents away from $67.14. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Restaurant Brands International to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the fast food restaurant company is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million.
In the meantime, negative performances are also seen in other consumer discretionary stocks as Alibaba is down to $94.07, losing 1.09%, after ending yesterday at $95.1.
Positive performances can be seen by looking at other consumer discretionary stocks as Amazon is up 1.76% to $96.25. Home Depot is up 1.6%.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC.