MCD breaks below prior session low

McDonald's Corp. (MCD) Technical Analysis Report for May 17, 2018

Highlights

MCD breaks below 20-day moving average
MCD unable to break through key resistance level
MCD closes lower for the 4th day in a row
MCD breaks below previous session low
MCD falls to lowest close since May 3rd

TQ Sentiment

Report Sentiment:
60% Bearish
Technical Forecast:

Overview

Moving lower for the 4th day in a row, MCD ended Thursday at 161.31 losing $1.56 (-0.96%). Today's closing price of 161.31 marks the lowest close since May 3rd. Closing below Wednesday's low at 161.74, the share confirms its breakout through the previous session's low having traded $1.01 below it intraday.

Daily chart for MCD

Volatility

Thursday's trading range was $2.50 (1.54%), that's slightly below last trading month's daily average range of $2.55. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 163.05, the stock closed below it after spiking as high as 163.23 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. McDonalds broke below the 20-day moving average at 162.07 today for the first time since May 2nd.

Order Flow

As prices are trading close to May's low at 159.08, downside momentum might speed up should the market mark new lows for the month.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for McDonald's Corp.

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