McDonalds Stock (NYSE: MCD) price is near the mark of $300, which the buyers are taking too long to escape because of the sellers’ persistence. Moreover, the price is now getting support on the 20-day EMA. If it bounces back, it will again head towards $300, but if it breaks below it, it will lead to a retracement which would lead MCD stock toward $280 to retest.
The price action is still showing bullishness, as MCD stock continues to hold the gains on the top in the bullish territory and neglect the rejections. However, mighty bears continue to make short positions and try for a corrective move in the stock.
The chart shows the stock’s vertical move decisively defended its lower trendline and revamped from the demand zone of $260 during the past months. Furthermore, the neckline of the pole & flag pattern also broke out above $270, which led to an increase in momentum, and buyers extended the uptrend.
McDonald’s Corp. engages in the operation and franchising of restaurants. It operates through the following segments: U.S., International Operated Markets, and International Developmental Licensed Markets and Corporate. The U.S. segment focuses its operations on the United States.
The International Operated Markets segment consists of operations and the franchising of restaurants in Australia, Canada, France, Germany, Italy, the Netherlands, Russia, Spain, and the U.K. The International Developmental Licensed Markets and Corporate segment comprises developmental licensee and affiliate markets in the McDonald’s system.
MCD stock was trading at $294.49 at press time with an intraday gain of 0.82%, showing a bullish chart structure. Furthermore, the intraday trading volume was 1.704 Million. The market cap of MCD stock is $215.005 Billion. The ongoing price action shows the dominance of bulls who will try to escape the $300 level in the following sessions.
Daily Charts Shows Bullishness of MCD Stock
On the daily charts, MCD stock showed a vertical rally in the form of higher highs sequences. Furthermore, buyers continue accumulating the stock and are near the make-or-break level of $300, which, if surpassed, would lead to more bullishness. But, in case of a rejection, MCD stock will consolidate between $270 and $280 per the ongoing price action.
Short Term Charts Show a Volatile Structure
On the 4-hour charts, MCD stock showed a volatile chart structure, and sellers are seen booking profits.
The RSI curve is near 50 indicating neutrality and that the stock is stuck near $2950.
The MACD indicator also showcased red bars, forming a bearish crossover indicating that sellers booked profits in the previous sessions.
Conclusion:
McDonalds Stock (MCD) is attempting to escape the hurdle of $300 and continue to consolidate over the top to beat sellers.
Technical Levels:
Support Levels:$280
Resistance Levels: $300 and $310
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/11/mcdonalds-stock-price-nears-300-will-buyers-win-the-battle/