$MCD Hits Resistance At Double Top, Reversal Likely
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Shares of McDonald's Corporation (NYSE:MCD) tagged a major double top resistance pivot high from May 2016 last week at $131.50. Interestingly enough, the second McDonald's tagged that high, it reversed quickly, putting in a bearish tail on the daily stock chart. Considering this is a major resistance point and the stock is fundamentally overbought, I am in the camp that it sees a corrective move to $124.00. This is just simple odds in your favor type trading. McDonald's Corp is extended, it hit resistance, it is fundamentally over done on P/E metrics and others and because of it, it will likely have a pull back because of it.
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This article was written by Tony Jackson for on .
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