- Price action honing in on likely support at $65.46
- Falling prices have precipitated Restaurant Brands International's approach to its lower Bollinger Band® at $65.04
The US fast food multinational dropped 2.24% early on and traded close to the $66 level.
The stock has been trending positively for about 2 months. Restaurant Brands International hit a significant low of $46.94 around 6 months ago, but has since recovered 43.8%.
Trend analysis indicates that Restaurant Brands International Inc. made an initial break below its 21 day Simple Moving Average at $66.52, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Restaurant Brands International's lower Bollinger Band® is at $65.04, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Restaurant Brands International could begin to recover as it approaches significant support, now 53 cents away from $65.46. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Restaurant Brands International has no clear-cut direction.
Restaurant Brands International was not the only decliner in the consumer discretionary sector; McDonald's went down 2.06%, closed at $271.73. Tesla falls 4.72% Friday to close at $157.67. Nike lost 2.36% Friday and closed at $105.95.
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