McDonald's pressured by negative pattern - Analysis - 14-08-2018

McDonald's stock retreated 0.34%, or 0.54 points, while emitting increased negative signals, after the Relative Strength Index reached extremely overbought levels compared to the stock's movements, as it also gets weighed down by a negative pattern that formed in the short term, the Rising Wedge pattern as shown in the attached chart, with negative pressure from the 50-day SMA.

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