MCD looking to rebound off of 231 support
Had a major run up 12MAR21 and price has been steadily inclining since then until 7JAN. Since 7Jan it has dropped $40 and fell through all three SMA's (50/100/200).
50/100 about to cross signaling a downtrend.
- last time this happened was 28DEC20 resulting in a $13 downtrend over 3 months hugging the 200 SMA. It has a history of staying above the 200. Besides COVID March, the times it has dipped below it quickly found its way back. Friday resulted in a Green Hammer bouncing off the 231.41 support.
Negative Catalyst: Billionaire activist causing disruption within the company by nominating board members to support the kinder treatment of Pigs used for bacon at McDonalds eventually causing MCD to raise prices of its overpriced food. MCD had reported that disruption in its supply chain and the Omni virus have drastically impacted its expansion in the foreign market and sees no signs of getting past them. Wheat is expected to increase in price as the conflict in Ukraine continues. The grain shortage is affecting the cattle production has feed issues are surfacing. Feeder cattle sag to four-month lows.
50/100 about to cross signaling a downtrend.
- last time this happened was 28DEC20 resulting in a $13 downtrend over 3 months hugging the 200 SMA. It has a history of staying above the 200. Besides COVID March, the times it has dipped below it quickly found its way back. Friday resulted in a Green Hammer bouncing off the 231.41 support.
Negative Catalyst: Billionaire activist causing disruption within the company by nominating board members to support the kinder treatment of Pigs used for bacon at McDonalds eventually causing MCD to raise prices of its overpriced food. MCD had reported that disruption in its supply chain and the Omni virus have drastically impacted its expansion in the foreign market and sees no signs of getting past them. Wheat is expected to increase in price as the conflict in Ukraine continues. The grain shortage is affecting the cattle production has feed issues are surfacing. Feeder cattle sag to four-month lows.
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