Yum Brands’ stock (NASDAQ: YUM) is exhibiting resilience, holding strong at the crucial resistance level of $140, a point where sellers have exerted notable pressure. Moreover, the price faces a barrier at the trendline which does not permit the price to enter above the zone.
However, YUM stock showed a symmetrical triangle pattern, signalling an upcoming range breakout where bulls need to sustain the price above $140 to claim further bullishness.
For the past few months, YUM stock defended the lower trendline, but it recently slipped and retested the 200-day EMA range and bounced back again. This bounce back showed buyers’ accumulation and willingness to attain the rounded figure of $150 in the following sessions.
YUM Brands, Inc. is engaged in the restaurant business. The Company operates restaurants under KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill brands.
YUM stock was traded at $137.26 at press time with an intraday gain of 1.55%, showing a bullish move in the last trading sessions. Moreover, the intraday trading volume was noted at 1.525 million, and the market cap of YUM stock is $38.445 Billion.
Daily Charts Shows One-way Buying From the Lows of $100
On the daily charts, YUM stock maintains its bullishness and is trading above the mid-bollinger band which indicates that a further rise is expected soon, and buyers have continued to make long positions. Furthermore, the price is trading above the 78.6% Fib level, which indicates that bulls are attaining strength.
Furthermore, the trajectory of YUM stock shows that if further buying occurs and the stock stabilizes above the trendline, it could lead to a fresh breakout above $140 and the price would attempt a retest of the resistance level of $143.
What Traditional Indicators Suggest
On the 4-hour charts, YUM stock showed strength and initiated a bullish move, surpassing the 20-day EMA, suggesting an upcoming bullish movement.
The RSI curve shows a rise from the neutral zone near 55 and indicates a positive divergence, indicating the bullishness of the token.
The MACD indicator starts to plot green bars on the histogram, showing a bullish crossover and suggesting a positive outlook.
Conclusion:
YUM stock is trading in the bullish territory, and buyers are giving an early indication of an upcoming range breakout above the trendline mark of $140 as per the price action in the last trading session.
Technical Levels:
Support Levels:$130
Resistance Levels:$140 and $145
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/30/yum-brands-nyse-yum-stock-gains-strength-above-the-20-day-ema/