MCD: Wait for the new key earnings level to short
MCD is in quite bad shape, fundamentally speaking, and it's in a steady weekly downtrend. There's a currently active weekly signal, that aims for 99.10, in the long term, but it's also about to report earnings for Q3, so it'd be better to wait for the new Key Earnings Level to form, to enter the short side. Any rally here is a sell, due to the valuation and technicals in higher timeframes, so keep an eye on it.
One thing to keep in mind is that new weekly lows or highs could trigger short term rallies as shorts are squeezed, due to the RgMov readings in the daily and weekly charts, so it's a bit conflictive. If you do get short, you'll have to trail stops after CCI gets oversold on dips.
Thanks to @nyaqoob75 for pointing this stock out, it's not normally in my watchlist.
Good luck,
Ivan Labrie.
One thing to keep in mind is that new weekly lows or highs could trigger short term rallies as shorts are squeezed, due to the RgMov readings in the daily and weekly charts, so it's a bit conflictive. If you do get short, you'll have to trail stops after CCI gets oversold on dips.
Thanks to @nyaqoob75 for pointing this stock out, it's not normally in my watchlist.
Good luck,
Ivan Labrie.