Bearish MCD - 17 July 2024 - Technical Analysis

EURUSD Forex

McDonalds

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 1 Day time frame chart supports McDonalds Bearish bias. A break of 247.82 will support the fall towards the target of 242.48 the break of 242.48 would push the price to 238.92.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 281.01
Support S1: 280.46, S2: 280.04 , S3: 279.49
Resistance R1: 281.43 , R2: 281.98 , R3: 282.40

Brokers

Open account

Summary

Instrument :

McDonalds

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

50%

Entry Level :

247.82

Activation Time :

2024-07-03 00:00

Age :

100 Bars

Progress :

80%

Close Time :

2024-07-17 00:00

Time Frame :

1 Day

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.