Stock Chart of the Week - 8/8/22 to 8/12/22
This week, McDonald's is taking the number one spot as my favorite setup. McDonald's had a great earnings reaction on large volume on July 26th. Since then, we made a nice move and have come back to test this key level. It is also key to note that this pullback has come on decreasing volume.
McDonald's is a slow-mover so this is nothing to get too excited about. This passive play is in line with where I am positioning myself in the market. Many names have flipped bullish but are still under key long-term resistance which has led me to keep my position sizes smaller.
Protecting your risk is the #1 goal of a bear market.
If you haven't already, make sure to go check out the weekly watchlist video I made with Javier (@tehdee). We go over a select group of names and break them down with technical analysis.
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