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McDonald’s: McRoyal Flush
By Guy Lerner on February 27, 2009 | More Posts By Guy Lerner | Author's Website
This is from the Department of Better Tools.
McDonald’s Corporation (MCD) is down 3.5% today on no corporate news. Well, the only news is Cramer calling this a buying opportunity, but isn’t that what we have come to expect from our so called “experts”?
In any case and for the record, I made the sell call on January 16, 2009 when MCD was at $58. MCD is down below $53 today.
For those looking for a fundamental bent, strength in the US Dollar and poor economic growth overseas should continue to keep pressure on MCD.
Based upon the technicals, I believe MCD has put in a top of significance, and for long only investors, it is “dead money”. A weekly chart is shown in figure 1, and in all likelihood, prices will bounce from these support levels, but I still believe a $45 price target is reasonable.
Figure 1. MCD/ weekly
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