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Monday, July 15, 2024

The Unexpected Stagnation: How McDonald’s Stock Failed To Break The $300 Threshold For Two Consecutive Months – McDonald’s (NYSE:MCD)

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  • McDonald’s stock has been steadily rising and is battling the psychological resistance level of $300 per share, failing at this level twice now.
  • If the stock successfully breaches the $300 resistance, it could herald a new long-term upward trend for McDonald’s.

McDonald’s Corp MCD, a globally recognized fast food brand with its iconic golden arches and enticing menu, is once again making headlines.

This time, it’s all thanks to a limited-edition berry-flavored milkshake known as the Grimace Shake.

In a surprising burst of creativity, McDonald’s introduced the Grimace Shake to celebrate the birthday of their beloved mascot, Grimace.

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Not only did this delicious concoction delight taste buds, but it also caused a frenzy on TikTok. Users enthusiastically shared their experiences, generating a wave of excitement and transforming the product launch into an organic, viral marketing campaign.

This truly showcases the power of user-generated content and the influential role of social media in modern-day marketing.

With all this publicity for the brand, McDonald’s stock has been consistently rising and is currently contending with the significant resistance level of $300.

Since the beginning of this year, the price of McDonald’s shares has increased by 13%. It came close to reaching $300 in May 2023, missing it by just two dollars.

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However, during this time, the stock experienced a slight decline, dropping by 6.25% and finding support at the $281 level formed from the high of November 2022.

Despite a slight setback, the price momentum remained strong. Then it made a second attempt to reach $300, falling just short by three dollars.

Currently, the 20 and 50 simple moving averages are acting as reliable support for the stock. This could potentially drive the stock towards, and even beyond, the $300 resistance.

If this milestone is broken, it could signal the start of another long-term upward trend for McDonald’s.

After the closing bell on Wednesday, June 28, the stock closed at $291.74, trading up by 0.15%.

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