McDonalds +20% Upside Trade?
MCD's has consolidated nicely right along its recent all time high set months ago at $231.91 and is doing so off of consecutive higher highs and higher lows on significant time frames.
On the monthly, we also see that McDonalds is putting in a bullish engulfing candle. There are still a few weeks left in the month, but with the price already being in blue sky territory, and very little bearish momentum in sight, there does not appear to be anything in its price chart to hold it back from running all the way to its first fib extension at around $297.88 roughly, based on a retracement from its previous all time high in October 2020, down to the swing low in March 2020.
From the time of writing this that would be a 25% gain approximately.
Stop loss just below $231.91 and $221.29 would be wise (just incase it wicks). Be very cautious with a close below $221.29 as there is plenty of room to fall swiftly if volume/bids fail to come in.
On the monthly, we also see that McDonalds is putting in a bullish engulfing candle. There are still a few weeks left in the month, but with the price already being in blue sky territory, and very little bearish momentum in sight, there does not appear to be anything in its price chart to hold it back from running all the way to its first fib extension at around $297.88 roughly, based on a retracement from its previous all time high in October 2020, down to the swing low in March 2020.
From the time of writing this that would be a 25% gain approximately.
Stop loss just below $231.91 and $221.29 would be wise (just incase it wicks). Be very cautious with a close below $221.29 as there is plenty of room to fall swiftly if volume/bids fail to come in.
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