Comments on: MCD McDonald’s Trade Setup 7-31-23

By: rsotc

rsotc — Mon, 31 Jul 2023 19:31:56 +0000

In reply to Jeff Vandenburgh. Thx for those levels. FWIW, Although I don't have the 50-SMA on that chart, I do have the 50-EMA on that chart (yellow line) & the are usually in close proximity. At quick glance, MCD has moved through the 50ema as if it weren't even there in recent years & when I see a stock not respecting (i.e.- acting as support & resistance) what is normally considered an "important" moving average I don't put much weighting into that MA, until or unless the stock later goes on to "respect" it or has had a very long history of that MA acting as very good support & resistance.

By: rsotc

rsotc — Mon, 31 Jul 2023 19:28:06 +0000

In reply to Mikeflegel. MCD sitting just above the uptrend line as of 3:26pm so best to wait for either a solid drop below today's lows and/or a solid close below the TL.

By: Jeff Vandenburgh

Jeff Vandenburgh — Mon, 31 Jul 2023 17:57:06 +0000

In addition to the trendline, it should be noted that there are other potentially important supports near current price: monthly pivot at 292.50, quarterly pivot at 292.40, and 50dayMA at 291.50.

By: Mikeflegel

Mikeflegel — Mon, 31 Jul 2023 17:36:39 +0000

So it made a solid break below two ninety one fifty. It was two ninety at noon. It’s presently back 2 2 ninety two fifty at one thirty. Is that a trigger entry or not.