- December 16, 2022
- Posted by: Tradingshot Articles
- Category: Stocks
The McDonalds Corporation (MCD) is defying the Bear Market as on November 10 it made a new All Time High. Today it pulled-back to the 1D MA50 (blue trend-line) amidst the general post Fed market drop for the first time in nearly two months (since October 21).
As you see it is trading within a long-term Channel Up since the 2020 COVID crash and is best seen if we apply the Fibonacci extension levels. The current pattern since November 10 in fact looks like the Megaphone of April – July 2021. In order to get confirmed, we need to see the 1D MA50 hold here and that should give it a boost to a new High.
A break below though, will most likely seek the Support of the 1W MA100 (green trend-line) in order to accumulate more buyers, as it has been doing since February 2021.
In any case McDonalds are for sure bad for your health but can be great owning their stock in your portfolio.