Stock of the day: McDonald's

Stock of the day: McDonald's
McDonald's stock, despite experiencing a bearish correction in the early days of May, continues to show signs of a promising future. This comes after a steady uptrend that has been evident since October 2022. The correction only led to the price testing the long-term uptrend line and the horizontal support at $280 in June - nothing that could set off major alarms for investors.
Then, an encouraging development arose on Friday. A decisive movement to the upside broke the mid-term resistance connecting the top from May and from the middle of June. This resistance, marked with a red color, represents the threshold of the bearish correction. With the price closing a day above the red line, a buy signal was triggered, offering a glimmer of hope for the price to ascend to new long-term highs.

Investors and market watchers should note that the sentiment surrounding McDonald's stock will remain positive as long as the price stays above the red line. A plunge below the red line could potentially trigger a double top formation, though the probability of this occurrence is currently low.
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