Restaurant Brands Intl Inc - (QSR.TO) - July 4, 2023
Tim Horton’s parent Restaurant Brands International (QSR.TO) has been steadily climbing up the rankings in the SIA S&P/TSX 60 Index Report and has continued to move up since returning to the Green Favored Zone in May. On Friday it moved up another 4 positions to 5th place.
For over a year, Restaurant Brands International (QSR.TO) have been under accumulation, steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels. On Friday, the shares closed at a record high above $102.00, a breakout that signals the start of a new rally phase.
Measured moves from recent and previous trading ranges suggest potential upside resistance near $108.00, $111.00, and $114.00 on trend. Initial support appears at the $100.00 round number, followed by $96.00.
Since bottoming out in the middle of 2022, Restaurant Brands International (QSR.TO) shares have been under accumulation. For over a year now, the shares have been consistently climbing with only two minor 4-box corrections, both of which were followed by bullish Double Top breakouts. More recently, the shares have completed a Bullish Catapult, rallied to new all-time highs and cleared the $100.00 round number.
Vertical and horizontal counts suggest potential resistance in the $116.65 to $119.00 area, followed by the $125.00 round number. Initial support appears near $93.80 based on a 3-box reversal.
With a perfect SMAX score of 10, QSR.TO is exhibiting strength across the asset classes.
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