McDonald's Reaches Upwards Sloping Resistance Line

Here we are looking at MCD on the Daily TF…

As you can see, MCD has run into its macro resistance, at a current price of 298.47. This is the third time MCD has tested this upwards sloping resistance line. Each of the previous two tests led to a sharp sell-off.

Not only is MCD reaching this upwards sloping resistance, but it is also very over extended. For this reason, my bias is bearish, and we can likely expect a sell-off from this level.

I will continue to monitor this chart, and will update you all as I see fit. Trade safely!

Cheers!!