And the second is MCD and one I highlighted several weeks ago following the stopping volume and strong buying we saw on the two big hammer candles of mid March. Since then the road higher has been punctuated with minor reversals, but each time a fresh injection of volume has driven the stock higher. Now, much like Duke Energy, deep and solid resistance is now the key technical issue for this stock with a red and blue level at $195 – $197 on the accumulation and distribution indicator. Earnings are due pre-market with a forcast of $1.59 against $1.72 last year, but with CV19 weighing, a tough call on whether results will be perceived as less worse than expected and hence rally! Nevertheless, the technical resistance will play a key part over the next few days.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
Leave a Reply