Tim Hortons parent Restaurant Brands International (QSR.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX 60 Index report. It continues to climb up the rankings moving up another spot yesterday to 12th place.
Restaurant Brands International (QSR.TO) recently completed a successful retest of support at the bottom of its current $70.00 to $80.00 trading channel. Lately, signs of renewed accumulation have emerged with the shares starting to climb again and snapping out of a downtrend.
A breakout over $80.00 would complete the current consolidation phase and confirm the start of a new advance with next potential resistance at the previous peak near $86.00, then a measured $90.00.
Since completing a spring rebound, Restaurant Brands International (QSR.TO) shares have been consolidating their gains in a range between support in the $70.00 to $72.00 area (round number, recent low and 3-box reversal and channel resistance plus a round number in the $79.00 to $80.00 area.
A recent double bottom breakdown didn’t generate much follow through and QSR.TO has turned back upward into a column of Xs. A breakout over $79.35 would complete a bullish triple top pattern and signal the start of a new upleg with next potential resistance near $87.60 based on a previous column high.
With a bullish SMAX score of 6, QSR.TO is exhibiting near-term strength against the asset classes.
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