The Daily Key Levels to Watch for MCD
On the daily chart, MCD is trading within a descending channel extending since October of the year 2022 and also trading on both sides of the crucial EMA-50, and around the swing level at $267.98 (Fibonacci level 78.6%). The breach above the previous two lines usually leads MCD towards testing the top of the descending channel, as well as retesting the support below the channel when breaking below them, so they are critical lines that may determine the trend within the channel.
On the bullish side, if MCD managed to breach above the descending channel and hold above it, then the level of $275.71 would be the initial target for the breach, and a further breach above it might also may signal the potential upcoming upside movement after the breach.
Also, the levels between 279.90-281.67 would also be the next targets for MCD. If the MCD also managed to stabilize above the previous targets, then the Fibonacci extension level near the $300 level would be the farthest target, and that maybe followed by pullback to the level of 281.67.
In the bear case, a breakdown below the crucial support area between EMA-200-100 as well as the dynamic support level and the Fibonacci level of 61.8% (the orange shaded areas), may invalidate the previous bullish hypothesis, and may push MCD to decline further towards the levels of $251.75-249.67.
On the bullish side, if MCD managed to breach above the descending channel and hold above it, then the level of $275.71 would be the initial target for the breach, and a further breach above it might also may signal the potential upcoming upside movement after the breach.
Also, the levels between 279.90-281.67 would also be the next targets for MCD. If the MCD also managed to stabilize above the previous targets, then the Fibonacci extension level near the $300 level would be the farthest target, and that maybe followed by pullback to the level of 281.67.
In the bear case, a breakdown below the crucial support area between EMA-200-100 as well as the dynamic support level and the Fibonacci level of 61.8% (the orange shaded areas), may invalidate the previous bullish hypothesis, and may push MCD to decline further towards the levels of $251.75-249.67.
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