Packaged foods producer Mondelez International (MDLZ) jumped 8 spots in the SIA S&P 100 Index Report to 23rd place, and it is up 38 positions in the last month. This continues an upswing that started in the red zone and completes a turnaround which started back in 2021, returning the shares to the Green Favored Zone for the first time since 2019 and to their highest rank since early 2016.
Mondelez International (MDLZ) broke out over $67.50 last month on volume, signaling renewed interest and kicking off a new upleg. Since then, the shares have continued to rally, driving up through $70.00 to new all-time highs, with a continuation gap yesterday indicating ongoing accumulation.
A measured move from the October 2022 low near $54.00 to the $67.50 breakout point suggests potential upside resistance may appear near $81.00. Initial support appears near the $67.50 breakout point.
Since breaking out in 2019, Mondelez International (MDLX) has been under steady accumulation, consistently advancing over time in a step pattern of rallies followed by periods of consolidation at higher levels. Last fall, the shares reversed a breakdown and have decisively turned upward since the start of this year with the shares completing bullish Triple Top and Spread Double Top patterns and rallying to new all-time highs, closing above $70.00 yesterday.
Horizontal counts suggest the next potential resistance tests on trend may appear near $78.35 or $83.15. Initial support appears near $65.55, where a 3-box reversal and a retest of the most recent breakout point converge.
With a perfect SMAX score of 10, MDLZ is exhibiting strength across the asset classes.
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