MCD closes within prior day's range after lackluster session
McDonald's Corp. (MCD) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
MCD finished the week 1.58% higher at 158.68 after losing $0.62 (-0.39%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MCD as at Aug 10, 2018):
Friday's trading range was $1.64 (1.04%), that's below last trading month's daily average range of $2.09. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 157.41. Prices are trading close to the key resistance level at 159.54. After having been unable to move lower than 157.96 in the previous session, the market found buyers again around the same price level today at 157.87.
Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could accelerate should prices move above the nearby swing high at 159.62 where further buy stops might get activated. Further buying could move prices higher should the market test July's close-by high at 160.98.