Stock of the day: McDonald’s

By Tomasz Wisniewski|

Published: September 01 2023, 05:40 GMT+0

Stock of the day: McDonald’s

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In today’s stock analysis, let’s zero in on McDonald’s, a staple in the fast-food industry that’s currently not joining in on the market’s recent rally. McDonald’s stock chart exhibits a head and shoulders pattern, marked in green, suggesting a potential bearish reversal. What makes this pattern even more concerning is its proximity to two key lines: the neckline, highlighted in yellow, and the main uptrend line, marked in black.

While most of the market is rejoicing in the recovery, McDonald’s right shoulder appears to be small and nearing its completion. At the moment, the stock price remains above the yellow neckline but below the black uptrend line. Should the stock close below this critical yellow zone today, it would activate the head and shoulders pattern, thereby signaling an opportune moment to go short. A close below the yellow area would be a strong bearish indicator, implying that now might be the time to consider taking a defensive stance on McDonald’s.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-mcdonald-s-8

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