MCD broken parallel channel; potential bounce to $232.79 support/50% retrace expected, but resistance/sellers likely at upper consolidation range.

Uh, next up, McDonald's. On the inverse side of the coin, you can see here McDonald's over the past several days here, uh, from July all the way through August was doing its best to try to maintain within this inclining parallel channel that started back here from March of 2022.

Over the most recent trading days, it could not hold it, guys. Even plunged further today.

So, where do we find support levels when we see parallels have been broken? And let me back up for a second there. When parallels get broken, what likely uh does the stock or commodity try to do once it finds its level of support?

Well, it likes to go right back up and test where it just had broken from up here at $27355, right on the bottom of that inclining parallel channel.

But where do we find the levels of support, guys? What have we been talking about in here over the past week or two? Some fib retrace levels. All right, so we take it from the low here in CO all the way up to the most recent high.

And where do we have the 50% retrace? Right on the horizon. Now, let me double check that this is up here at the top because that matters, guys. Pennies and dollars matter as far as the exact analysis to get these figures uh correct for you on the chart.

So, there you go. That's about as close as I can get it at $232.79, the 50% retrace.

Notice how that comes in contact with this consolidation range, these low pivots. That makes sense that we should see a potential bounce here at this area of McDonald's. In addition, look at this daily RSI 25.87 on the chart.

All of that tells me with this last little plunge, we are in the zone for a potential bounce up on McDonald's. One of which optimistically can take us back up to the bottom of that parallel.

Watch the bottom range of this consolidation though since it occurred over so long. we will likely see sellers if and when McDonald's does catch a bounce up into this range of resistance.