McDonald's Corp. (MCD) made a new 52-week high Tuesday. The fast-food giant is not expected to report its latest earnings figures until April 24, so let's check out the charts to see if the bull move can keep going.
In this daily bar chart of MCD, below, I can see that prices have made a strong performance since October. Prices are trading above both the rising 50-day moving average line and the slower-to-react but rising 200-day moving average line. The trading volume has been more active since October. The daily On-Balance-Volume (OBV) line has made a new high for its move higher and confirms the price gains we have witnessed. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of MCD, below, I see a constructive setup. Prices are in a longer-term advance and trade above the rising 40-week moving average line. The weekly volume histogram shows a decline in turnover from the pace in late 2022. The weekly OBV line was in a longer-term decline but is showing strength from late February. The MACD oscillator is above the zero line and has turned upward to a fresh outright buy signal.
In this daily Point and Figure chart of MCD, below, I can see the new high on the chart. The software is projecting a price target in the $335 area.
In this weekly Point and Figure chart of MCD, below, a higher price target of $383 is shown.
Bottom line strategy: Frankly, I am a bit surprised at the never-ending price gains of MCD. The round number of $300 is my price target for now. Risk to $270.
