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Strategies & Market Trends : Point and Figure Charting
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To: Smooth Drive who wrote (8658)10/14/1998 1:37:00 AM
From: Smooth Drive  Read Replies (2) of 34812
 
CHARTN THE DOW

Just updated MCD, and it looks interesting. Take a peek:

                      
74 X   *                 + < Bullish Res/Sup Line             
73 X O X *             +               
72 X O X O *         +                 
71 7 O X O   *     +                   
70 X O   O     * +                     
69 X *   O     + *                     
68 X   * O   +     *       + < Bullish Res/Sup Line          
67 X     O +         *   +             
66 X     O X           *               
65 X     8 X O       +   * < Bearish Res Line             
64       O X O     X       X           
63       O X O   + X O   + X           
62       O X O +   X O +   X < Double Top Buy Signal          
61       O   O 9   X O X   X           
60           O X O X O X O X           
59           O X O X O X O X           
58           O X O   O X O X           
57           O X     O X A             
56           O       O X *              
55                   O X   *             
54                   O       * < Bearish Sup/Res Line


TOP DOWN: a) Bullish % @ 24 in Bull Confirmed; b) Restaurant Sector @14 in Bear Confirmed; c) RS +/+; d) Short term bullish (Double top buy signal on 10/8) and long term bearish (below Bearish Resistance Line (BRL)); d) Bullish price objective of 75; e) Currently touching the BRL and if it rises one more it breaks because it's on a buy signal and that will form a new Bullish Support Line under the lowest O at 54. Additionally, it's also touching a Bullish Resistance/Support Line (BR/SL) and there's old horizontal resistance as well; f) Although it didn't form a bullish triangle you can see things were being squeezed and it did break up with authority; g) Using a few of David Evans signals -- the 5 DMA is above the 13 and the 13 is just coming up to the 40. The MACD 8-17-9 and 13-26-9 recently crossed up and the 13-34-89 just crossed up late last week.

MCD is one of the classic types of stock that falls in the eatem, smokem, drinkem and take drugs furem kind of defensive stock category. In good times and bad, everybody eats. Will it break out through this formidable resistance on all sides and run? Will the broad market let it? Or, will it pull back for a breather?

Guess we'll see.

Take care,

Eric
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