McDonald Corp., stock symbol MCD, releases first-quarter earnings results on Friday. This report will give investors their first look this year at how the company is coping with rising commodity costs. Last quarter, high commodity prices were one of the key reasons why the company reported a slightly lower profit margin. Analysts are estimating earnings of $1.23 per share on revenue of $6.3 billion according to Bloomberg.
Technically, the main trend turned down on the weekly chart when McDonald’s crossed the swing bottom at $95.13. The new lower swing top is $99.50. Based on the rally from early 2011 at $72.14 to the top in early 2012 at $102.22, the stock could be setting up for a 50 percent correction of this range to $87.18.
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