MCDONALD’S CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 292.00 |
| Take Profit | 301.00 |
| Stop Loss | 286.00 |
| Key Levels | 243.00, 258.00, 270.00, 289.00, 290.00, 292.00, 301.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 285.00 |
| Take Profit | 275.00 |
| Stop Loss | 290.00 |
| Key Levels | 243.00, 258.00, 270.00, 289.00, 290.00, 292.00, 301.00 |
Shares of McDonald’s Corp., the largest fast food chain, are correcting in a local trend at 289.00.
On the daily chart, the price is retreating from the resistance line of the downwards channel 258.00–243.00, approaching annual highs.
On the four-hour chart, today there may be the first accentuated attempt to test the local high of 292.00. The probability of breakout the level is much higher than the decline. However, in case of a reversal, a correction to the support level of 270.00 is possible.
Technical indicators maintain a buy position: fast EMA on the Alligator indicator are above the signal line, and the AO histogram forms correction bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 292.00, with the target at 301.00. Stop loss is 286.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 285.00, with the target at 275.00. Stop loss — 290.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.