- Price action backs away from resistance at $60.23 despite bullish mood
- Known Fib level $59.38 serving as battleground for bulls and bears
An influx of buyers helped Restaurant Brands International to end the session higher around $59, while establishing a $57.35 to $60 session range yesterday.
Restaurant Brands International hit a significant low of $46.94 around 4 months ago, but has since recovered 23.84%.
Restaurant Brands International Inc. made an initial breakout above its 5 day Simple Moving Average at $58.85, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $59.38 currently serving as resistance On the other hand, note that although Restaurant Brands International is appreciating today after rising as high as $60, price action is now slowing and consolidating around $1.22 below the $60.23 resistance level.
Overall, looking at the technical analysis landscape, it seems Restaurant Brands International might continue pointing upwards in the short term.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5.
While Restaurant Brands International was bullish yesterday, the following consumer discretionary stocks underperformed: Walt Disney went down 2.52%, closed at $101.82. Amazon lost 3.06% yesterday and closed at $89.3. Lowe's closed at $179.82 (down 3.17%).
Upcoming fundamentals: United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 263,000, data will be available today at 12:30 UTC.