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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.