McDonald's shares are ready to take on new heights

McDonald's shares are ready to break through a new all-time high and thereby increase their capitalization. On the 4-hour chart, you can see that the price has already approached its historical maximum 4 times and bounced down each time. If you draw a line between the latest highs, there will be an almost horizontal line. This tells us about a strong resistance level, upon breaking through which it will be wise to open a long position. The price is above the 200 average, which indicates a growing trend. It is also noticeable that this is a contracting triangle, which is a trend continuation pattern according to technical analysis. Thus, we recommend traders place a pending order to break through the level of 238.10 and be patient. Take profit can be set arbitrarily at an even level of 240.00, which is not far away if you look at the situation on a large scale.

Symbol: MCDON
Order Type: Pending Order - Buy Stop
Entry Price at 238.10
Take Profit at 240.00
Pips Earning: 190