MCD finds buyers at key support level
MCD ended Monday at 161.63 edging lower $0.10 (-0.06%). Closing within the prior day's range, prices failed to decisively move past the previous 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.
Monday's trading range was $1.58 (0.98%), that's far below last trading month's daily average range of $2.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 160.86 during the day, the market bounced off the key support level at 160.91. The failure to close below the support could increase that levels importance as support going forward.
Though McDonalds 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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
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