Potential long opportunity - Low Risk, High Reward setup

MCD has bounced off the bottom of a long term bullish channel and recently broke to the upside of a pennant pattern on the shorter time scale. We are seeing strong resistance in the $200 price area (+/- ~$5) from both historical price action, fib retracement, and psychological resistance. Positive trade news looks like it has yet to significantly impact MCD so this might just be a good time to get in on a long stock position or even a call option trade. Setting a stop loss just below the bottom of the long term bullish channel, and setting a profit zone at the top makes for about a 10:1 profit/loss ratio. Being a dominate multi national brand, a decent dividend, and with investors such as Warren Buffett, this might be a good opportunity to get in on a long term play. Would love to hear your thoughts!

Comment:

Stock market continues to rip today on a macro level. MCD gained about .7% closing the day above the pennant and .236 fib. Not completely out of the mud yet on this play. Really want to see $200 broken to confirm bullish momentum. If the macro continues to rip we will break $200. We have to see how MCD reacts when the market slows down to have a better understanding of where this is heading. Still in my position and will continue to hold until i see MCD falling below critical levels around $195