Tuesday, July 12, 2011

And Mickey D's Gives It Up

Technically today wasn't significant as far as MCD's closing action, but the strength seen earlier today that was running into negative divergences as per this earlier post have resolved to the downside, the 10 min 3C chart being key.

Note today's 3C divergence on the 10 min chart, it was one of the worst thus far in the series of noise candles over the last several days and now it has moved in to a leading negative position.

Here's today's price action, the red square on price was the 10-min 3C negative divergence. Look what happened after the negative divergence which implies either distribution or short selling.

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