Restaurant Brands Intl Inc - (QSR.TO) - November 18, 2022 (Daily Stock Report)




A two-year downtrend in relative strength for fast food giant Restaurant Brands International (QSR.TO), parent company of Tim Hortons, Burger King, Popeyes and other chains, bottomed out back in July, and since then, its relative strength has improved dramatically. Starting deep in the red zone of the SIA S&P/TSX 60 Index Report, QSR.TO has been steadily climbing back up the rankings for the last four months and has finally returned to the Green Favored Zone for the first time since November of 2020. Yesterday QSR.TO moved up 3 spots to 15th place and it is up 11 positions in the last month.

Restaurant Brands International (QSR.TO) shares have a major breakout underway this week. Since the summer of 2020,  the shares have been trending sideways between $60.00 and $82.50. Coming out of a bullish Morning Star bottom near $60 back in July (black circle), the shares have been under renewed accumulation, establishing a new uptrend of higher lows within their previous range.

This week, QSR.TO has blasted through the top of the range to trade at its highest level in three years, and has completed a bullish Ascending Triangle pattern, signaling the start of a new uptrend. Next potential upside resistance appears at the 2019 peak near $92.50, then the $100.00 round number, followed by a measured $105.00. Initial support appears near the $82.50 breakout point then uptrend support closer to $75.00.


Back in June, a selloff in Restaurant Brands International (QSR.TO) shares was contained by support near the $60.00 round number which dates back to the 2017-2019 time frame. Since then, the shares have been on the rebound completing two bullish Spread Triple Top breakouts and a Double Top pattern. The most recent rally has carried the shares to their highest level since 2019 and extended into a bullish High Pole.

Initial upside resistance appear at the 2019 peak near $92.40, followed on trend by the $100.00 round number and then the $104.05 to $106.15 zone where vertical and horizontal counts converge. Initial support appears in the $80.00 to $80.50 area where a round number, 3-box reversal and retest of a recent breakout point converge.

With a perfect SMAX score of 10, QSR.TO is exhibiting strength across the asset classes.


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