McDonald’s Corp (NYSE:MCD) has recently formed a Death Cross pattern, a bearish technical signal indicating a potential downtrend.
This development comes as McDonald’s stock has faced challenges, with a 9.8% decline over the past year and a 9.66% decrease year-to-date.
Chart: Benzinga Pro
McDonald’s Stock Down 2% Since Q1 EarningsIn its recent Q1 earnings report, McDonald’s reported a 4.6% year-over-year (YoY) increase in sales to $6.17 billion, beating analyst estimates. Global comparable sales rose 1.9%, marking 13 consecutive quarters of positive comparable sales growth. U.S. comparable sales increased by 2.5%, with systemwide sales rising by 3%.
Despite these positive figures, adjusted EPS of $2.70 missed the consensus estimate of $2.72. The stock is down 2% since McDonald’s earnings report released on Apr. 30.
Death Cross Formed On McDonald’s Price ChartThe pessimism has now led the stock to a Death Cross formation on its price chart. This occurs when the stock’s short-term moving average, typically the 50-day moving ...
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