McDonald's is expected to report earnings of $2.78 on revenue of $6.29bn.

McDonald’s stock is trading at around $293.03 a share in pre-market trading. From a technical aspect, the bias remains bullish for the mid-long term. We can see that a new all-time high was set on May 3^rd, since then, the price attempted to break through higher (3^rd July) but resistance was overpowering. Since the 3rd of July, we’ve mainly seen sideway movements, the earnings tomorrow can really provide the momentum for another attempt higher. That is if they’re positive of course. Support below sits at $290.41 then at $288.85 and then at $286.46 (along the ascending trendline). A break below the trendline may see a test around $279.98. For the upside, as already mentioned above, the key resistance is $301.50. A break above would then open the door towards $310. Looking at the technical indicators on the daily timeframe, MACD has turned slightly negative after the last few sessions of profit-taking. The RSI is now neutral as it reads 47.