MCD unable to break through key resistance level

McDonald's Corporation (MCD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


MCD unable to break through key resistance level
MCD closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, MCD finished the month -0.99% lower at 184.47 after gaining $1.67 (0.91%) today, slightly outperforming the Dow Indu. (0.85%).

Daily Candlestick Chart (MCD as at Jun 30, 2020):

Daily technical analysis candlestick chart for McDonald's Corporation (MCD) as at Jun 30, 2020

Tuesday's trading range has been $3.31 (1.81%), that's below the last trading month's daily average range of $4.35. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MCD.

Unable to break through the key technical resistance level at 184.49 (R1), the share closed below it after spiking up to 185.20 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on June 5th, MCD actually gained 2.78% on the following trading day.

McDonald's shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for McDonald's. Out of 343 times, MCD closed higher 53.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.43% with an average market move of 0.36%.

Market Conditions for MCD as at Jun 30, 2020

Loading Market Conditions for MCD (McDonald's Corporation)...
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MCD closes within previous day's range

Jul 13, 2020
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