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McDonald's (MCD) Approaches New Upside Target of $95.84

Published on Fri, 02/01/2013 - 13:39
By Adrienne Chilton

McDonald's (NYSE:MCD) has opened bullishly above the pivot of $95.01 today and has reached the first level of resistance at $95.57. Should the shares continue to rise, the resistance pivots of $95.84 and $96.67 will be of interest.

McDonald's Corporation operates and franchises fast-food restaurants worldwide. The Company's franchised and company operated fast food restaurants offer a variety of low price fast foods in locations around the world.

McDonald's has overhead space with shares priced $95.91, or 3.3% below the average consensus analyst price target of $99.22. The stock should find initial support at its 200-day moving average (MA) of $90.21 and further support at its 50-day MA of $89.81.

Over the past year, McDonald's has traded in a range of $83.31 to $101.29 and is now at $95.91, 15% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

By Adrienne Chilton
achilton@fnno.com