- Restaurant Brands International is eyeing the $69.49 support level
- Restaurant Brands International's upper Bollinger Band® is at $70.33 which indicates a further downward move may follow.
Restaurant Brands International is on a 13 day uptrend — Bucking the trend and turning lower, Restaurant Brands International is down to $69.52, after ending yesterday at $69.72. Overall, a 0.29% loss or 20 cents today.
The stock has been trending positively for about a month. 10 months ago, the fast food restaurant company fell to a low of $46.94 but has since recovered 48.53%.
As the trading day commences, technical analysis suggests Restaurant Brands International Inc. could begin to recover as it approaches significant support, now 3 cents away from $69.49. Dipping below could be an indication that further losses are ahead. 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. According to momentum evaluation, the Relative Strength Index indicates Restaurant Brands International is in an overbought condition. Analysis based on the asset volatility indicates that Restaurant Brands International's upper Bollinger Band® is at $70.33 which indicates a further downward move may follow.
Notwithstanding Restaurant Brands International's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Restaurant Brands International's stock value drop coincides with Alibaba is trading around $83.93 (down 3.41%). Amazon is down to $104.62, losing 1.5%, after ending yesterday at $106.21. Nike is down 0.97% from the beginning of the session and now trades around $125.86.
Upcoming fundamentals: United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.