After a successful run higher, where the Mondelez International Inc common stock (NASDAQ: MDLZ) managed to hit a new all-time high, at 56.70, on September 6th, the price started sliding and yesterday it closed fractionally below its medium-term upside support line taken from the low of April 25th. This could be a signal of a possible change in the medium-term trend, which may lead MDLZ a bit lower in the near term. For now, we will take a cautiously-bearish approach and aim for slightly lower areas.
If the price continues to trade below the aforementioned upside line and also the 53.65 barrier, which is marked near the lows of September 16th and October 3rd, this could result in another slide, which may bring the stock to an important support zone, at 51.95, which is near the lows of August 5th, 6th and 7th. Around there, MDLZ could meet the 200-day EMA, stall around for a bit and even rebound back up. But if the stock is still not able to travel back above the 53.65 area, this may send the price back down, potentially breaking the 51.95 obstacle and targeting the 50.55 level. That level marks the lows of May 29th and 31st.
Our oscillators, the RSI and the MACD, are also in support of the above-discussed scenario. The RSI is below 50 and points lower. The MACD is also pointing lower, while sitting below zero and its trigger line.
Alternatively, if the price suddenly reverses and travels back above the 54.85 barrier, marked near the highs of October 17th and 18th, this could attract more buyers into the game and we may see the stock rising to the 56.05 area. That area is marked by the current highest point of October. But if the buying is still strong, MDLZ may bypass that level and target the 56.70 mark, which is the current all-time high for the stock.
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