Fast Food Giant Readies For A Big Move

Fast Food Giant Readies For A Big Move

Posted On August 1, 2023 12:12 pm

Sooner or later, levels get broken. On our stock today, McDonald’s (MCD) there are two levels to be aware of. The first one is the level of support that has been forming around 290. This mark has stepped up to remain as support a couple different times in the recent past and the stock is currently building above it.

While the stock is still consolidation, or trading in a sideways fashion, the last bounce of this level meant higher prices. However, if this level were to break down, then lower prices would be expected. On the other hand, there is also a ceiling above the stock looks to break out from under.

We will call this area at around 299-300. We can use this upside price target as a more of a zone seeing as how the level is at 299, but the whole psych number of 300 is just beyond and showed as resistance when price spiked up and rejected at 300 just last week.

One thing is for sure, whether it breaks down or breaks out, this stock is prepping for a big move. Keep this trade on your watchlist as we…

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