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A McDonald's drive-thru sign in Los Angeles.

MARIO ANZUONI/REUTERS

Following our previous report on Dec. 27, 2008 ($61.06 U.S.), McDonald's Corp. completed a large trading range (dashed lines) and then resumed the long-term up-trend above its 40-week moving average. It reached a high of $94.28 recently (A) for a 54-per-cent appreciation from our previous report. McDonald's continues to have higher targets. Technical indicators including the rising 40-week moving average and the MACD (moving average convergence divergence – see lower panel) confirm the bullish status. Only a decline below about $83-$84 would be negative.

Point & Figure measurements provide targets of $99 and $109. Higher targets are visible.

Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. ( www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com Web site. They may hold shares in companies profiled. Please see the site for a glossary.

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Chart source: www.decisionplus.com

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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