American Express played a major role in brining the market higher and propelled most stocks to climb. Also, the Dow Jones Industrial Average was at an all-time high since May of this year.
In my technical analysis, the Mc Donald’s stocks tapped the 7-year ascending channel’s resistance yesterday. The all-time high that I mentioned in my previous Mc Donald’s post during the start of this month (kindly check this) has been breached and a new one at $79.48 was set. If this stock pick successfully breaks above that level, the next resistance it could aim for is $85 or even the $90 psychological resistance. Personally, the 7-year ascending channel looks pretty tough and won’t easily break unless the market swings the opposite direction. If the stocks bounce off the resistance and drop, the significant support could be the 14-month uptrend. If that trend doesn’t hold the stocks from further declining, the next marker could be the 7-year ascending channel’s support. Above all, I’m still bullish on Mc Donald’s as long as the uptrend remains intact.