MCD Long-term outlook

MCD share prices down in September after printed record high. The loss in September is not significant where MCD share price down from $159.87 to $156.68 or just 1.99%. The downward pressure did not take a long time as MCD rallied since the beginning of October.

There is interesting news come from the restaurant product line. The company introduces McVegan test launch in Finland previous week. There is growing trend of less meat in the market and McDonald trying to catch the trend. Aside from Finland, we could see Le Grand Veggie burger in France and McVeggie in Norway.

The growing product line might be one reason why share prices of MCD receive continual buying.

Read McDonald September analysis

New Month

Monthly chart

MCD print a new record high on current month October, and there is no indication of reversal yet. The share prices could continue to move up and print new record high.

Weekly chart

MCD on the weekly chart shows a breakout above $160.00 handle and the share prices sharply higher. The trend is up, and traders who are looking for long position could wait for re-test of $160.00

Daily chart

The upward momentum in MCD daily chart is extremely strong and show no sign of stopping yet. It will be hard to look for a long or short position in the current situation, and traders suggested to wait until the share prices corrected to at least $160.00 support.

Trade plan

The long position could be taken near $160.00 breakout level on the daily chart.

The short position might need to wait until major bearish reversal pattern formed on the monthly chart. The current trend is bullish, and it is better to avoid short position. (Same strategy as previous month)