Possible Bullish Inside Day Candle Pattern Detected for McDonald's (NYSE:MCD)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in McDonald's (NYSE:MCD) based on the price action in the company's shares. Today's price range of $126.50 and $127.81 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of McDonald's may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
McDonald's Corporation operates and franchises fast-food restaurants worldwide. The Company's franchised and company operated fast food restaurants offer a variety of low price fast foods in locations around the world.
Over the past year, McDonald's has traded in a range of $87.50 to $129.80 and is now at $127.71, 46% above that low. The 200-day and 50-day moving averages have moved 0.66% higher and 0.79% higher over the past week, respectively.
Based on a current price of $127.71, McDonald's is currently 8.1% above its average consensus analyst price target of $117.40. The stock should discover initial support at its 50-day moving average (MA) of $123.56 and subsequent support at its 200-day MA of $111.94.
SmarTrend recommended that subscribers consider buying shares of McDonald's on March 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $122.47. Since that recommendation, shares of McDonald's have risen 3.3%. We continue to monitor MCD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle mcdonald's