5 Huge Stocks Ready to Slingshot Higher
McDonald's
First up is McDonald's (MCD) a stock that's struggled this year, slipping more than 7.4% since January, a time over which the S&P 500 rallied more than 16% so far. But things are looking up for Ronald McDonald and the Hamburgler -- and more important, for investors.
That's because the company behind the "Golden Arches" is forming a technical trading pattern that looks a whole lot like the arches -- just flipped upside down. McDonald's is forming a double bottom pattern, formed by two swing lows that bottom out at approximately the same price level. The buy signal comes when shares push through the resistance level that separates the two bottoms; for MCD, the price was $92, and the breakout happened on Wednesday.
The fact that the breakout is so new (it was really only confirmed yesterday when shares held out above $92) and the double bottom pattern was so large means that there's still considerable upside to be had from this setup. I'd recommend buying here with a protective stop in at the 50-day moving average.
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