MCD closes within prior day's range after lackluster session
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for McDonald's Corp.
|Bearish Break through SMA 50||TQ Pro Members Only|
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro