A quick look at yesterday: Yum, a fast food corporation operating the KFC, Pizza Hut and Taco Bell brands, found support around the $126.96 level, after closing Friday at $128.08 and dropping by 0.87% yesterday.
United States ISM Manufacturing PMI (Dec) is next today at 15:00 UTC.
While price action maintains a negative bias, United States Manufacturing PMI released yesterday at 14:45 UTC with a figure of 46.2, while the previous figure was 47.7.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Yum! Brands's lower Bollinger Band® is at $126.82, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis suggests Yum! Brands could begin to recover as it approaches significant support, now $1.36 away from $125.6. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Yum! Brands has no clear-cut direction.
Yum! Brands was not the only decliner in the consumer discretionary sector; Tesla went down 12.24%, closed at $123.18.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Alibaba was up 4.42%. Walt Disney was up 2.41%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with 2.23 million. It previously stood at 718,000; data will be released tomorrow at 16:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Dec) is expected tomorrow at 13:15 UTC. United States JOLTs Job Openings (Nov) will be released today at 15:00 UTC.
The stock has been trending positively for about 2 months. Yum! Brands hit a significant low of $105.25 around 2 months ago, but has since recovered 21.69%.