- Price action is gradually approaching a key resistance hurdle at $66.94
- Restaurant Brands International made an initial breakout above its 10 day Simple Moving Average at $65.66, a potential indicator of a newly emerging bullish phase.
The US fast food multinational went up to $66.35, gaining 2.09%.
The stock has been trending positively for about a month. 10 days ago the fast food restaurant company reached a significant high of $68.17 but has consequently lost 4.66% since then.
Support/Resistance levels obtained from chart analysis indicate that Restaurant Brands International Inc. could be slowing down soon; it is getting close to the resistance line and is now at $66.94, only 59 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that Restaurant Brands International made an initial breakout above its 10 day Simple Moving Average at $65.66, a potential indicator of a newly emerging bullish phase.
All in all, the technical analysis suggests Restaurant Brands International has no clear-cut direction.
Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million.
A look at other consumer discretionary stocks also showed bullish price action as Alibaba was up 9.64%. Amazon added 4.46% to its value, and traded at $96.54. Tesla traded at $194.7 after closing yesterday's trading day at $180.83 (up 7.67%).
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Oct) will be released today at 13:30 UTC.