McDonald's - eyes on MCD here as it finds itself within a key area point

Keeping a close eye here on McDonald’s as its share price is now within a key area point which will determine the near-term price direction. Currently, its shares are trading at around $268.12 a share and are down 9.50% YTD. We can see that the resistance along the descending trendline has been showing resilience, as a result, forcing the price lower towards its supportive trendline (ascending). The price has actually fallen and closed below but as we can see buyers are rushing in, trying to uphold the support of $265.30-$265.40 (yellow channel). A break below this level would certainly invite more selling pressure, potentially seeing a further decline towards $255-$260. If the price manages to consolidate around this support, we could see a bounce back for another attempt to break above the resistance. The resistance now reads $272.20. A break and close above may lead to an extension towards $279.09 and then $281.55. However, the technical indicators are more on the bearish side of the spectrum for the shorter-term outlook. The MACD seems like it’s turning negative but could still level out if this support holds. The RSI is negative as it reads 38.