McDonalds Sell Possibility
Updated
Hello traders!
Mcdonalds is showing me a couple of different reversal signals after breaking yet failing to break and hold above a key resistance level.
Signal #1: Descending Triangle. I'm watching for a continuation of lower highs and if it breaks below the triangle we will have a new lower low.
Signal #2: It's approaching the 50EMA. I will be mindful to watch for a break at the market open on Monday. This will give me more confidence in the odds of a sell.
Signal #3: Losing momentum on the Money Flow indicator signals bullish weakness.
Signal #4: Price action is beginning to move below a falling VWAP. Breaking above the VWAP will be used as stop loss if I decide to enter.
I am leaning towards a sell back to the support level 210. Patience. I will only enter a sell after the break of the 50EMA for this trade. Let me know what you think below!
*This is not financial advice as I am not a financial advisor. All charts posted are for educational purposes.
Mcdonalds is showing me a couple of different reversal signals after breaking yet failing to break and hold above a key resistance level.
Signal #1: Descending Triangle. I'm watching for a continuation of lower highs and if it breaks below the triangle we will have a new lower low.
Signal #2: It's approaching the 50EMA. I will be mindful to watch for a break at the market open on Monday. This will give me more confidence in the odds of a sell.
Signal #3: Losing momentum on the Money Flow indicator signals bullish weakness.
Signal #4: Price action is beginning to move below a falling VWAP. Breaking above the VWAP will be used as stop loss if I decide to enter.
I am leaning towards a sell back to the support level 210. Patience. I will only enter a sell after the break of the 50EMA for this trade. Let me know what you think below!
*This is not financial advice as I am not a financial advisor. All charts posted are for educational purposes.
Trade active
Got in at the open. Going to watch price action.Trade closed manually
Price target reached for MCD $$$
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