Who can resist a sleeve of Oreo cookies? Whether you dunk’em, split and lick out the cream or make your own double stuff, or just take a bite all prim and proper they are a crowd favorite. As you lift the next pack from the Grocery store shelf, take notice to who makes them. Mondelez (NASDAQ:MDLZ) is not exactly a new company, but a spin off from Kraft Foods Group Inc (NASDAQ:KRFT). Why should you care? Because the stock price is about to take flight.
The chart of Mondelez above shows a long channel since it jumped higher following its earnings report on May 7th. The 50 day SMA has moved up through the bottom of the channel and gave it a lift 2 weeks ago. Today it is printing a bullish engulfing candle as it heads to the top of the channel at 38.50. There is support for a continued move higher from the RSI and MACD, both bullish and rising. And this is in a tape where the majority of stocks are moving lower. Technical analysis suggest that if it can break the channel higher then a move to 40 could be in the cards. Now that would buy some Oreo’s.
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