Technical Analysis : McDonald's At Critical Support
Technical Analysis
After breaking the minor falling channel ( I mentioned in my prior long term analysis 8 months ago, check links below)the price headed to retest the top of the main long term rising channel, but Price failed around the major high at 102.22 again. And that keeps my overall bias bearish, a break and weekly closing below 92.20 may give further confirmation for the the bearish formation, as the price would complete a double top formation, within the context of a wider potential triple top. That could signal a move to 83.30 major low and neckline for a major long term bearish triple top.
I will keep my eyes on 93.20 level for now, which should determine the next trade.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
After breaking the minor falling channel ( I mentioned in my prior long term analysis 8 months ago, check links below)the price headed to retest the top of the main long term rising channel, but Price failed around the major high at 102.22 again. And that keeps my overall bias bearish, a break and weekly closing below 92.20 may give further confirmation for the the bearish formation, as the price would complete a double top formation, within the context of a wider potential triple top. That could signal a move to 83.30 major low and neckline for a major long term bearish triple top.
I will keep my eyes on 93.20 level for now, which should determine the next trade.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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