Breakout in McDonald’s
The third quarter wasn’t great for earnings overall, but some companies managed to impress. One of them was McDonald’s.
The main pattern on today’s chart is the breakout to new record highs after the fast-food giant beat forecasts on profit, revenue and comparable sales.
Next is the consolidation pattern preceding the rally. MCD spent most of 2022 trapped below its January high. Its 50-day simple moving average (SMA) slid under the 200-day SMA in March, but had a “Golden Cross” back above in August. That may suggest its longer-term trend has turned bullish again.
Third, MACD is positive.
Finally, last Thursday and Friday saw high-volume drops as the broader market surged. However, MCD held most of its gains and may require a few sessions of consolidation. Traders could eye the August high around $268 and the 21-day exponential moving average (EMA) as potential support zones.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The main pattern on today’s chart is the breakout to new record highs after the fast-food giant beat forecasts on profit, revenue and comparable sales.
Next is the consolidation pattern preceding the rally. MCD spent most of 2022 trapped below its January high. Its 50-day simple moving average (SMA) slid under the 200-day SMA in March, but had a “Golden Cross” back above in August. That may suggest its longer-term trend has turned bullish again.
Third, MACD is positive.
Finally, last Thursday and Friday saw high-volume drops as the broader market surged. However, MCD held most of its gains and may require a few sessions of consolidation. Traders could eye the August high around $268 and the 21-day exponential moving average (EMA) as potential support zones.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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