Mondelez International Inc. stock price lifted the gains, trading beyond the significant moving averages and staying on the top. The company recently revealed its Q2 earnings results which were above the estimates. Immediately, the price broke out of the trendline of the falling wedge pattern. Moreover, the price action shows that the stock is rising and persists in surging above the barriers.
Over the past few months, MDLZ stock price slipped from the top and retested the 20-day EMA near $70. Afterwards, a bounce was registered, and follow-on buying arose due to the positive sentiments of Q2 earnings which trapped sellers in the past sessions. Moreover, the trend suggests that if the price sustains above $75, the momentum shift will lead to a breakout of the recent high of $78.
Mondelez International, Inc. engages in the manufacture and marketing of snack food and beverage products. It operates through the following geographical segments: Latin America, Asia, the Middle East, and Africa, Europe, and North America.
Its products include beverages, biscuits, chocolate, gum and candy, cheese and grocery, and meals. Its brands include Nabisco, Oreo, LU biscuits, Cadbury, Cadbury Dairy Milk, Milka chocolates, and Trident gum. The company was founded by James Lewis Kraft in 1903 and is headquartered in Chicago, IL.
The price action shows that stock has corrected to fill the pending gap near $70, which is filled now, and the range acted as a support, leading to a bounce from the 20-day EMA.
At press time, MDLZ stock price is trading at $75.04 with an intraday gain of 3.70% showing that yesterday’s session was bullish. Moreover, the trading volume increased by 3.25% to 10.226 Million, showing increased demand among investors. The market cap of MDLZ is $102.193 BTC. Analysts maintained a strong buy and overweight rating with a yearly target price of $83.15.
MDLZ Stock Price Gaining Momentum
On the daily charts, MDLZ stock price persists in the rise from the past months and is trading beyond the key MA, maintaining the gains on the top. Buyers continue to show their muscles and lift the gains beating the sellers. Moreover, the stock has been outperforming for months, and buyers are willing to head toward the three-digit mark of $100.
As per the Fib levels, MDLZ stock price trades above 61.8%, holding the gains in the overbought zone and riding an uptrend. Furthermore, the recent surge indicates that the stock is looking to smash the high of $78 in the upcoming sessions.
Short Term Charts Shows Channel Breakout
MDLZ stock noted a falling channel breakout, indicating bullishness on the 4-hour charts.
The RSI curve sharply rose from the oversold region to the overbought territory showing massive momentum, indicating a rise in the following sessions.
The MACD indicator showed a bullish crossover, and green bars were noted, which shows the bulls’ dominance on the charts.
Conclusion
Mondelez International Inc. (MDLZ stock) price showed buyers’ attainability and broke the channel trendline indicating the breakout on the charts. Furthermore, the uptrend will stretch toward $80, followed by $85 in the subsequent sessions.
Technical Levels:
Support Levels: $70
Resistance Levels:$80 and $85
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/30/mondelez-international-mdlz-stock-gains-as-q2-beats-estimates/