McDonald's Corp - (MCD) - April 5, 2023
McDonalds’ (MCD) relative strength has improved significantly over the last month, with the shares climbing from the red-yellow zone boundary back up into the Green Favored Zone of this SIA S&P 100 Index Report for the first time since December. MCD is currently in 21st place up 2 spots yesterday and up 27 positions in the last month.
After spending the winter in consolidation mode, McDonalds (MCD) has come under renewed accumulation. In recent weeks, the shares have launched up off of a $260.00 floor that formed earlier through a series of successful support tests, retook their 50-day moving average, snapped a downtrend line and this week, have broken out over $280.00.
Measured moves cluster near the $300.00 round number suggesting initial resistance may appear there, followed on trend by a measured $320.00. Initial support appears near $270.00 a recent breakout point.
Earlier this year McDonalds (MCD) broke out over $265.00 completed a bullish Spread Triple Top breakout and an Ascending Triangle to signal the start of a new upleg within a long-term uptrend. Since then, the shares have continued to climb, recently breaking out over $280.00.
Initial upside resistance appears near the $300.00 round number, with vertical and horizontal counts suggesting potential tests near $328.35, $335.00, and $348.45 on trend. Initial support appears near $258.90 where a 3-box reversal and a retest of the breakout point converge.
With a bullish SMAX score of 9, MCD is exhibiting strength against the asset classes.
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