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McDonalds resumes the decline ahead the support zone – analysis 01-08-2016
McDonald's shares ended Friday trades lower by (-1.77 point) or (-1.48%) of the previous closure trying to fall again below 120.35 level ahead the next support 116.00, 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 recent decline for the price may push it to pass 120.35 level, to target then 116.00 level and may extend, but the stability of 120.35 may push the price up ahead 124.80 again.
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