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Asset Watch
Tuesday June 25, 2024
While McDonald’s is down by more than 10% in 2024, the stock has support near the January and October 2023 lows (the horizontal white line). Ironically, the pattern looks very similar to its M logo.
On top of that, the Jun. 21 rally allowed the stock to close above its 200-week moving average (the blue line). The key level was resistance two weeks ago, and if it holds, could be a sign that a new uptrend has begun.
You should monitor the price action in the days ahead, and a long position is justified when the stock trades above its 200-week MA.
So, does McDonald’s look like a comeback candidate, or will Big Tech regain its market leadership over the next few weeks?
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