Mondelez Intl Inc - (MDLZ) - April 6, 2023 (Daily Stock Report)

by SIACharts.com

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.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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