McDonald's @ Year Highs

Published on Friday, 03 September 2010 12:38 Written by TradersHuddle Staff

New York, September 3rd (TradersHuddle.com) - Shares of McDonald's Corp. (NYSE:MCD) booked a new 52 week high today by trading above $75.06, traders are definitely monitoring MCD's price action to see if this move attracts further buying into the stock.

McDonald's Corporation (NYSE:MCD) operates and franchises fast-food restaurants around the world. The Company's operates the largest restaurant chain in the world. McDonald's sells low price items primarily hamburgers and chicken items, along with breakfast biscuits and coffee. McDonald's, the seller of Big Mac's, was founded in 1948 and is based in Oak Brook, IL.

McDonald's is currently trading -0.52% versus its previous trading session close, and it has calculated support and resistance at $65.31 and $73.34 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.79% from its previous trading close, which means that McDonald's stock is underperforming the overall market.