You can also see that the new low in March was a washout of the previous low and set the tone of this stock into a "downtrend" which is now reversing and yet this "higher-high" is putting MCD right into "supply" where I think there is a low-risk entry on the short side.
I am only looking for a retest of the 96 level where the lowest range occurred in this last decline. I view risk normally as 3 average ranges. The 1 year avg range is $1.08/share. It looks like this rally may have some momentum to lift it back up a little further into the green circle on the chart.
By: Technical Tim, April 3, 2012 1:28PM EST