McDonald's surrounded with negative signals - Analysis - 16-08-2018

McDonald's stock returned lower in the intraday levels, after the resistance of 160.98 held on, recording a loss of 0.45% in the last session, or 0.72 points, while getting weighed down by a negative pattern that formed in the short term, the Rising Wedge pattern, with negative signals from the RSI after reaching extremely overbought levels, coupled with negative pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, as long as the resistance of 160.98 holds on, targeting the support of 154.92.