MCD Long-term outlook
MCD once again will revolutionalize the fast-food industry and take the lead against rival Burger King and Wendy’s (WEN). The company prepares itself as the first fast food chains which offer mobile ordering and pay online. While MCD rolled-out this method, rivals will not be able to implement it at least until the end of 2017, this is a great advantage for the company.
Well’s Fargo awarded MCD with an upgrade from “Market Perform” to “Outperform.” Shares of MCD expected to print new record high above $131.96.
New Month
Monthly chart
The top is near for MCD, the share price is approaching $131.96 record high and might continue further upside as the fundamental outlook is rosy for the company. There is not much to analyze at current height, and traders encouraged to wait until either breakout or rejection happen at the resistance.
Weekly chart
MCD is gaining ground on the weekly chart, and the price has not made any significant retracement yet. The bullish trend is also healthy as the price move at a gradual pace. There is broken resistance level around $128 – $129 where traders could look for a long position with tight stop losses order.
Daily chart
No stop for the bull yet as the price continue moving up slowly. Similar to the weekly chart, $128 – $129 is the support level to watch. Any correction will find obstacle near the area.
Trade plan
The long position opportunity could be taken when the price reaches $128 – $129.
The short position might need to wait at least until MCD test the record high $131.96 or breakout below support area $128 – $129.