Yum! Brands gained 73 cents and closed above the $122 level for the first time in 3 months.
Visual analysis of Yum! Brands’s chart shows that Yum! Brands Inc price action is currently oscillating around the $122.72 resistance level with prices moving above and below several times during the session. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Yum! Brands’s case, the index has risen above 70, signalling that the asset is overbought. Analysis based on the asset volatility indicates that Yum! Brands’s upper Bollinger Band® is at $123.35, this is a slight indication of a slowdown.
Overall, while Yum! Brands has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Yum! Brands’s share price coincided with other consumer discretionary stocks as Lowe’s gained 2.42%, as it traded at $186.56.
Yum! Brands went up yesterday, yet these consumer discretionary stocks did not follow — Tesla closed at $197.08 (down 5%). Nike lost 2.45% yesterday and closed at $93.44.
Yesterday’s gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Also worthy of note, United States EIA Short-Term Energy Outlook will be released today at 17:00 UTC.
Yum! Brands is now trading 15.71% above the significant low ($105.25) it slumped to 28 days ago.