McDonalds shares resuming the rise – analysis 22-07-2016

McDonald's shares ended Thursday trades higher by (1.12 point) or (0.89%) of the previous closure trying to pass 124.80 level, comes after trading above 120.35 level resistance as the lowest level recorded the week before and reaching below 124.80, coinciding with engaging SMAs 50 and 100, where this rebound came after reaching the support zone between 116.00 and 112.90, after its sideway trades below 124.80 resistance level, after passing the level 124.80, as this level contributed the bullish direction for the previous medium and long trades, also coincides with breaching the channel’s support shown above during the current trades, comes after the price formed a support at 116.00 level, with the continuous support from the SMA 50 and 100.

Holding below 124.80 level pushed the price for the decline to retest the support level of 116.00 again, which may extend to 112.90 support as the channel’s final target.

Generally; the price’s stability above 124.80 will push it ahead the next resistance 132.90, which may lead the price to return to its main bullish direction for the medium trades, but trading back below 124.80 may lead the price to search for a near support such as 120.35 and may extends.