♫ McDonald’s is My Kind of Place … ♫

Just back from my daughter’s Kindergarten class I was waxing nostalgic this afternoon. I can’t say that I remember this commercial from 1967 but I certainly remember the song. And maybe it is time for you to pick it up as well. This stock has been moving higher and may be ready for more. The weekly chart shows that it has been stepping higher in a series of Measured Moves. Currently it sits in a symmetrical triangle with a Relative Strength Index (RSI) that is bullish and has worked off a technically overbought condition. The Moving Average Convergence Divergence indicator (MACD) is stable and perhaps ready to move lower. The next Measured Move higher would take it to 110. It would be a good story to go with a happy remembrance.

McDonalds, $MCD
mcd

But there is a flip side to this story as well. The symmetrical triangle is right at the Potential Reversal Zone of the Bearish Shark, at 101.03. A move back through that zone, on a break lower, would trigger targets on the Shark at 95.66 and then 90.68. The target on the break of the symmetrical triangle is approximately to 94.75. This reminds me of the alternative lyrics. Either way, be prepared for the coming break.

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