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Today’s chart is of McDonald’s Corp. (MCD) which franchises and operates McDonald’s restaurants in the global restaurant industry. Its restaurants offer various food items, soft drinks, coffee, and other beverages. The company operates approximately 34,000 restaurants in 120 countries around the world.
Ticker: McDonald’s Corp. (MCD)
Strategy: Look for consolidation to take place
What I Am Looking At:
- Upside gap this morning after reporting that global sales rose 2.4 percent in November
- Underperforming, down more than 8 percent year-to-date
- Up nearly 8 percent since its 11/16 52-week low
- Shares are back to lower gap area from mid-October negative earnings reaction, possible area of resistance
- 200-day moving average could also serve as potential resistance
- Friday, 12/7 saw a large number of call adds at the 90-strike which could be acting as a roadblock for shares
- 1.3 percent of the float is sold short, less than 2 days to cover
- 10 “strong buy” ratings and 3 “buy” ratings versus 11 “hold” ratings among analysts