This is a buy setup for the MCDONALDS stock, I expect another up move after the retracement which is currently taking place. Good luck with your trading guys and thanks for the support!
I like the look of $MCD at the moment it is looking quite healthy and ready for another pop. first target for Monday 123-124. But I am hoping for a gap above that on open. Hate the food but I'll happily get into their stock if its going to pay off! No entry until good confirmation though.
MCD is at its Elliott Waves monthly time frame target in the $132 area. 5 waves completed RSI14 is showing bearish divergence. MCD is testing the upper band of its rising channel. $132 area is corresponding to the 1.5x the height of its previous channel projected on its breakout point in 2008. Minimum target in the $101 area, then possibly $82.
The quotation has reached the upper boundary of the rising channel. Reasonable to expect the beginning of reversal formation. NYSE:MCD
This trade setup is pretty simple and doesn't require any rocket science. McDonald's, or MCD, is a component of the DOW30. MCD has been in a trading range on the weekly chart for quite some time now. We are currently at the bottom of this range, providing an excellent opportunity to get long. I'm using covered calls in this name to get long the stock at as cheap a...