- Bearish market sentiment insufficient to push Restaurant Brands International into testing pivotal support level at $67.46
- Restaurant Brands International's upper Bollinger Band® is at $67.88 which indicates a further downward move may follow.
Though in the midst of a 5 day uptrend, gaining a total of 13.36%, ($8.43), Yesterday's session suggests run might be coming to an end — slightly down but mostly flat: Restaurant Brands International ranged between $67.39 and $68.54 before closing at $67.72.
The stock has been trending positively for about a month. Having set a significant high of $68.17 5 months ago, the US fast food multinational is trading 45.23% lower.
Support/Resistance levels obtained from chart analysis indicate that although Restaurant Brands International Inc. is pointing down today (was as low as $67.39), it's climbing away from the $67.46 support line and is now 26 cents above it. Trend-following investors would be interested to note that investors are seeking long positions as Restaurant Brands International price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of Restaurant Brands International's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Restaurant Brands International's upper Bollinger Band® is at $67.88 which indicates a further downward move may follow.
Overall, while Restaurant Brands International has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota gained 2.23%, as it traded at $145.33. Home Depot added 2.56% to its value, and traded at $324.88. Nike traded at $105.97 after closing yesterday's trading day at $103.83 (up 2.06%).
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC.