Chart of the Day - Wednesday, July 3rd, 2019

Today's chart of the day was shared on Twitter by Aksel Kibar (@TechCharts). It's a weekly candlestick chart of McDonald's ($MCD). The chart shows $MCD breaking out of an Ascending Triangle that took 4 months to form. An Ascending Triangle is a bullish continuation pattern that features a horizontal resistance line coupled with an upward sloping support line. A price target for this pattern can be found by taking the height of the triangle and adding it to the breakout price. Aksel notes that $MCD recently hit its price target of $209. We like this chart because it serves as a textbook example of an Ascending Triangle and a great demonstration on how to calculate a price target using classic chart patterns.