Market Overview

McDonald's Turnaround Plan: Who's Lovin' It?

McDonald's Turnaround Plan: Who's Lovin' It?
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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

McDonald's Corporation (NYSE: MCD) shares were trading higher by $2.76 at $100.78 in Tuesday's session. For third day in a row, it found support at the $97.60 level and has staged an explosive rally.

Until today's price action, the issue had been in a $94.46 to $99.84 trading range since March 11, zig-zagging its way in the range as investors evaluate the merits of its new turnaround plan.

Perhaps some investors have taken a liking to the plan and aggressively purchased the issue in today's session. It has surpassed the $100 level for the first time since March 4, reaching $101.08 so far before falling back into the $100 handle. The current high coincides with its March 2 at $101.09.

The issue was trading at its highest level since July 2014.

It should be noted that today's rally is taking place on higher than average volume, as 8 million shares has already changed hands compared with its 20-day average of 6.9 million.

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