Yesterday at a glance: pronounced bullish sentiment in the market helped Yum! Brands to make a notable 3% gain yesterday, rising $3.23 and ultimately closing at $110.
At the same time, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Yum! Brands Inc made an initial breakout above its 21 day Simple Moving Average at $109.84, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $110.09 currently serving as resistance Despite this, Yum! Brands could be slowing down soon; it is getting close to the resistance line and is now at $110.82, only 84 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Yum! Brands might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Amazon gained 6.45%, as it traded at $113.79. Alibaba was up 5.14%. Tesla was up 7%.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Also worthy of note, United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
Yum! Brands hit a significant low of $105.25 around 7 days ago, but has since recovered 1.44%.