Today’s chart is of McDonald’s Corp.
(NYSE:MCD) which franchises and operates McDonald’s restaurants in the global restaurant industry. Its restaurants offer various food items, soft drinks, coffee, and other beverages. The company operates approximately 34,000 restaurants in 120 countries around the world.
Click to enlarge
Look for consolidation to take place.
What I Am Looking At:
Upside gap this morning after reporting that global sales rose 2.4% in November
Underperforming, down more than 8% year-to-date
Up nearly 8% since its 11/16 52-week low
Shares are back to lower gap area from mid-October negative earnings reaction, possible area of resistance
200-day moving average could also serve as potential resistance
Friday, 12/7 saw a large number of call adds at the 90-strike which could be acting as a roadblock for shares
1.3% of the float is sold short, less than two days to cover
This article by Tony Venosa was originally published on Schaeffer's Investment Research.
Ten “strong buy” ratings and three “buy” ratings versus 11 “hold” ratings among analysts
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No positions in stocks mentioned.