McDonald’s shares touch a fresh all-time high on Wednesday, company’s office in Seoul raided in relation with burger investigation

McDonald’s office in Seoul was reported to have been raided yesterday in relation with a burger probe. Yonhap News Agency reported a number of complaints that involved children feeling ill, following the consumption of allegedly undercooked hamburger patties. A spokesperson for McDonald’s Korea confirmed the raid.

McDonald’s shares closed higher for a second consecutive trading session on Wednesday. The stock edged up 0.22%
($0.37) to $165.77, after touching an intraday high at $166.25 and also a fresh all-time high.

In the week ended on October 15th the shares of the restaurant chain added 3.62% to their market value compared to a week ago, which marked a second consecutive period of gains and also the best performance since the week ended on April 30th.

The stock has extended its advance to 5.80% so far during the current month, following a 2.06% slump in September. The latter has been the first drop since October 2016.

For the entire past year, the shares of the NYSE-listed retailer gained 3.03%. The stock has risen another 36.19% so far in 2017.

Some documents as well as evidence were reported to have been confiscated by the Seoul central district prosecutors office from McDonalds Korea and three other companies, with one of the latter being a supplier of ingredients.

“We take this matter very seriously”, Karen Kim, a spokeswoman for the company, was quoted as saying by Reuters. “McDonalds Korea continues to fully cooperate with all relevant authorities.”

According to Yonhap, a complaint was filed against McDonalds by a customer in July, after her 4-year old child was diagnosed with hemolytic uremic syndrome. The customer said her child had suffered irreversible kidney damage after eating a McDonalds hamburger a year ago.

After that, in August, McDonalds customers in the South Korean city of Jeonju were reported to have experienced stomach aches and high fever, following the consumption of bulgogi burgers. As a result, sales of those burgers were temporarily discontinued, so that the cause could be determined.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding McDonald’s Corporation’s stock price, have a median target of $174.00, with a high estimate of $185.00 and a low estimate of $150.00. The median estimate is a 4.96% surge compared to the closing price of $165.77 on October 18th.

The same media also reported that 19 out of 33 surveyed investment analysts had rated McDonald’s Corporation’s stock as “Buy”, while 11 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the McDonald’s stock are presented as follows:

R1 – $165.99
R2 – $166.20
R3 (Range Resistance – Sell) – $166.42
R4 (Long Breakout) – $167.07
R5 (Breakout Target 1) – $167.83
R6 (Breakout Target 2) – $168.16

S1 – $165.55
S2 – $165.34
S3 (Range Support – Buy) – $165.12
S4 (Short Breakout) – $164.47
S5 (Breakout Target 1) – $163.71
S6 (Breakout Target 2) – $163.38

By using the traditional method of calculation, the weekly levels of importance for McDonald’s Corporation (MCD) are presented as follows:

Central Pivot Point – $163.46
R1 – $167.42
R2 – $169.47
R3 – $173.43
R4 – $177.39

S1 – $161.41
S2 – $157.45
S3 – $155.40
S4 – $153.35