Bosphorus_Capital

MCD (McDonalds) sold at 95 for a 9% drop. Looking to sell again

Short
NYSE:MCD   McDonald's Corporation
In the linked post we sold MCD between 95 to 98 and were looking for a decline to 83 at the weekly trendline.

MCD fell to 87.6 and then recovered.

Now I believe it presents another selling opportunity. The move between 97 to 87 looks impulsive and the move up looks like the first leg of a three wave correction.

Between 93.5 to 97.4 presents a good selling range imo with stop strictly above 97.46. If the move is indeed impulsive, the issue has no business above 97.46
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.