Wendy's Co

The stock remains in a Stage 4 decline but is mean-reversion eligible after a bullish pivot point. Price is pulling back into the 9/21/50 EMA cluster near prior support, with neutral OB/OS and stabilizing RSI supporting a medium-term bullish bias. Short-term conditions favor buying this pullback into the EMAs. Key risk is a daily close below the EMA confluence and June low, which would invalidate this view.

• ↑Project Fresh menu overhaul and Biggie Deals platform aiming to reverse brand slowdown
• ↑Free cash flow of $195 M over first three quarters of 2025 funds dividends and reinvestment
• ↓Q1 2026 global system-wide sales fell 5.5%, with U.S. same-restaurant sales down 7.8%