McDonald’s saw its stock hit a new record high of 206.30 on Friday, marking a growth of 17% for the year. The 20-day simple moving average (SMA) helped the bulls to retake control this week, while the positive momentum in the MACD and the RSI suggests the bullish party is not over yet for the stock.
The peak at 206.30 could potentially work as nearby resistance should the price continue the rebound. Nevertheless, it would be more fascinating to see a rally towards the upper boundary of the long ascending channel, currently around 212.
Alternatively, the 20-day SMA at 199.92 could come under test if selling starts. If the line proves easy to get through, then the 38.2% Fibonacci of 193.72 of the up-leg from 173.34 to 206.30 could be the next spot to look for. To reach the latter, however, the bears would need first to beat the 50-day SMA currently at 196.50.
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