Technical Pulse: McDonald’s Corp August 22, 2019 362

 

 

Support 1: 209.11                Resistance 1: 221.93

 

Based on our technical analysis, there is a strong possibility that McDonald’s bullish trend will continue and break the immediate resistance of 221.93.  

  • The bullish piercing line candlestick formation 5 periods ago gave a clue that the stock is heading for a bullish rebound.
  • The piercing line candle stick formed above the 50% retracement level of 11-221.93
  • Prices has broken out of the bullish flag formation.

 

CHART LEGENDS

Moving Average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA

Green dotted line = 22 SMA

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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