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Possible Bullish Inside Day Candle Pattern Detected for McDonald's (NYSE:MCD)

By Amy Schwartz

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 $117.74 and $118.10 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 (NYSE:MCD) is currently priced 0.6% above its average consensus analyst price target of $117.40. McDonald's shares should encounter resistance at the 50-day moving average (MA) of $124.50 and support at its 200-day MA of $112.56.

In the past 52 weeks, shares of McDonald's have traded between a low of $87.50 and a high of $131.96 and are now at $118.08, which is 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.6%.

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.

SmarTrend is monitoring the recent change of momentum in McDonald's. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of McDonald's in search of a potential trend change.

Keywords: bullish inside day candle mcdonald's

Ticker(s): MCD