Hi guys! Let’s now take a look again at Yum! Brands, Inc., the world’s largest fast food restaurant company, which I posted three weeks ago (kindly check here). The triangle formation in the YUM stocks looks to be riper now compared to when I last posted on it. Despite the bearish sentiments towards the indices of the US market , if the stock price breaks out of the triangle’s resistance, it could go higher. However, there could some selling pressure at the next resistance at $44.00. If the $44.00 price mark gets cleared out, the next target price could be $48.00 which is the size of the triangle’s base added up to the breakout point. On the flip side, the immediate level of support could be the $40.00-40.50 area. In case the stocks drop further below that marker and breakdown from the triangle’s support which is less likely to happen since the formation’s coming from an uptrend, the next support could be $38.25.
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