Interesting TU after Red Lobster filed for Chapter 11 bankruptcy
1. TU hit resistance by trend-Based Fibo Extension at 15.2
2. On Jan 16, 2024, TU’s board of directors announced that it is working to exit the investment in RedLobster, in which it became a strategic partner and minority investor in 2016. Behind this is theprolonged red ink contribution as the restaurant chain was hit by the COVID-19 pandemic andhigher interest rates, raw material and labor costs. It also notes that Red Lobster’s ongoing
financial requirements no longer align with TU’s capital allocation priorities. (Innovest-X)
3. For short term weekly support and resistant 14.7/15.5/16.3
2. On Jan 16, 2024, TU’s board of directors announced that it is working to exit the investment in RedLobster, in which it became a strategic partner and minority investor in 2016. Behind this is theprolonged red ink contribution as the restaurant chain was hit by the COVID-19 pandemic andhigher interest rates, raw material and labor costs. It also notes that Red Lobster’s ongoing
financial requirements no longer align with TU’s capital allocation priorities. (Innovest-X)
3. For short term weekly support and resistant 14.7/15.5/16.3
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