December 6, 2010
Mc Donald’s (MCD) Looking To Break Its All-time High Once Again!
Hello guys! One of my stock picks for the day is the world’s largest hamburger fast food chain, Mc Donald’s Corporation or MCD in the New York Stock Exchange. It has been more than a month since I last posted my technical analysis on Mc Donald’s and back then, I mentioned that its 2010 3rd quarter net income boosted its stocks to rise (kindly check this). After that, the stocks consolidated sideways and stood its ground above $77.00. Overall, the uptrend is still intact and opportunity to buy looks even better as there could be a flag formation setting up in the stock chart to break above the $79.90 all-time high. If the breakout is successful and the stocks move pass above that level, the next hurdle could be the 7-year ascending channel’s resistance. If that gets cleared out, the next resistance could be the $85.00 psychological marker. If the stocks fail to perform upward and start to decline, the immediate support could be the 5-month uptrend. If the 5-month uptrend breaks, the next support could be the 14-month uptrend.