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Asset Watch
Thursday, November 2, 2023
Thus, while the stock has been under pressure over the last few months, could the Big Mac maker make a big comeback? If so, monitor a key technical level.
For example, the stock’s 100-week moving average provided long-term support from January through March 2021, from March through July 2022, and a quick recovery occurred after the breakdown in October 2022. Therefore, as McDonald’s attempts to recoup $265.13, a breakout could be the cue to open a long position.
In addition, the stock’s weekly RSI (the black line at the bottom) recently hit its lowest level since the 2020 pandemic-induced sell-off. Consequently, there could be plenty of upside if the metric reverts back to its 2023 highs.
So, will it soon be time to order McDonald’s, or will the 100-week MA remain resistance?
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