In this daily bar chart of MKC, below, we can see three different trends. Reading from left to right we can see a strong rally from $105 late June 2018 that extends up to $155 in mid-December.
A quick and sharp decline unfolds from December to late January for the second trend.
Then, we see a rally from the January low to a new high in June. The last three months of this advance is a rolling over of prices with light volume and diminishing momentum. Prices are testing the cresting 50-day moving average line and the daily On-Balance-Volume (OBV) line is rolling quietly over since April. In the lower panel the 12-day price momentum study shows lower highs from April.
In this weekly bar chart of MKC, below, we can see a large base in 2017 followed by a mark-up phase with a possible lopsided double-top. Prices are above the rising 40-week moving average line, but trading volume has declined this year. The weekly OBV line shows a rise for part of the rally, but then a sideways move from April. The 12-week price momentum study shows a decline from April, telling us that momentum or acceleration is slowing.
In this Point and Figure chart of MKC, below, we can see an upside price target of $235.
Bottom line strategy: The longer-term charts of MKC have not weakened, but the daily bar chart shows that buyers seem to be quietly pulling back. I am not sure what investors are focusing on in the months ahead, but I would reduce long exposure ahead of Thursday's earnings announcement.