MCD closes within prior day's range after lackluster session
McDonald's Corporation (MCD) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
MCD ended Wednesday at 199.26 losing $0.10 (-0.05%) on low volume, strongly underperforming the Dow Indu. (1.39%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MCD as at Aug 05, 2020):
Wednesday's trading range has been $2.59 (1.3%), that's below the last trading month's daily average range of $3.55. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MCD.
Prices are trading close to the key technical resistance level at 199.65 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 202.52 where further buy stops might get triggered. Trading close to June's high at 202.73 we could see further upside momentum if potential buy stops at the level get activated.