Yesterday at a glance: the US fast food company gained 1.97% and stayed at $128.68 levels.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
Yum! Brands's uptick comes amid good United States macroeconomic data released during the day — data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000.
At the same time, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
Yum! Brands Inc made an initial breakout above its 5 day Simple Moving Average at $127.09, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $126.2 by around $2.48 with prices hammering out a $125.79 – $129 session range. Yum! Brands's lower Bollinger Band® is at $125.58, indicating that the market is oversold and fertile for new buyers. In contrast, Yum! Brands could be slowing down soon as it approaches resistance at $129.86. Of course, crossing it might suggest 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 McDonald's was up 1.85%. Pinduoduo added 5.18% to its value, and traded at $95.76.
Yum! Brands went up yesterday, yet these consumer discretionary stocks did not follow — Tesla closed at $190.9 (down 5.85%).
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
The stock has been trending positively for about 4 months. Having set a significant high of $132.52 18 days ago, Yum, a fast food corporation operating the KFC, Pizza Hut and Taco Bell brands, is trading 4.77% lower.