MacDonald(MCD) Shorting the new trend
Entry: 156
SL: 160.55
TP: 147.15
As seen from the candlesticks, the price had recently breached the 200MA line and so far buyers are unable to push the price back up. Hence, MCD is facing a possible change of trend based on the daily chart. Although the weekly chart still indicates an uptrend, however, a pullback is expected on the weekly chart especially with the strong bearish candle. SImilarly the daily chart indicates a strong engulfing candle which might indicate a probability of stronger selling. Thus, a short trade will be taken to ride on this momentum.
Trade closed: stop reached
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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.