McDonald’s Corp (US: MCD) has made a new high on mid-April and despite the stock has been consolidating for two months, the recent technical indicate a continuation of the upside:
- Having broken the major resistance turned support zone at 227.84-231.91 from the falling wedge, it has confirmed the immediate new high since then.
- The consolidative part has converged into a symmetrical triangle after the rebound in March 2021. This pattern can consider a bullish pennant or flag formation.
- Prices has been trending above the 50 and 200- day moving average.
- However, do take note that the extension level of 138.2% needed to be broken to further cement the upside.
*Expected timeline of the trade is 10 weeks from the date of report issuance.
