Last week McDonald’s (MCD ) powered into new high ground. We were taken aback as restaurants have been among the poorest market performers. But Monday morning’s retail sales report indicates Americans are trickling back into eateries, and BWLD is among the strongest up and coming franchise concepts around.
After running early in the bull market the group has rested and BWLD has formed a seven month cup with handle base. We’re not in love with the handle. Volume has been a bit too noisy and the handle bases sideways instead of lower. But we like how volume dried up the last two weeks before accelerating Monday as price tried to breach the downtrend line formed by the September and October highs.
We’d be buyers on any volume move higher.
Posts
No comments:
Post a Comment