McDonald’s Corporation (NYSE:MCD)
while I'm a Yuuuuge fan of the 24 hour breakfast menu, I utterly detest the chart of MCD as it currently presents itself.
You have a massive head and shoulders pattern that you will see in the chart below. The chart is absolutely perfect and it is unfolding before our very
own eyes. it is textbook people.
The problem is that this market is a very dull market, so unless there is a change in the character of the market from the way it is behaving right now, you can't expect much help any broad based market moves.
And if you go back far enough, you have a massive gap that has been left unfilled. So I see this recent streak of bearishness in MCD to continue at least until the $105-110 area is hit.
Oh, and that neckline I've drawn below? Its confirmed. So the the neckline now will act as strong resistance going forward.
Here's the breakdown:
