Short term bias has now turned bearish due to a recent sell-off

Taking a look at Mcdonald’s stock as its share price has now broken out for the triangle drawn on the chart and towards the downside. Looking at the daily chart, we can see the stock has formed a double top (3^rd May & 23^rd Jan), which could have resulted in a sell-off from investors who were worried about future price movement. Additionally, McDonald’s underperformed regardless of its earnings, and sales were impacted by the war between Israel and Gaza. Currently, its stock is trading at around $281.40 a share. Yesterday the price dipped below the support of $281.44 and today in the all-session trade we are witnessing a continuation of this sell-off. The next support level to keep in mind for investors is the level of $274.75, a break below this level may then see the price fall further towards the $260-$270 area. It would be unreliable to point out any resistance levels until there are signs of consolidation as the near-term bias has now shifted to bearish. The MACD is showing that selling volume is intensifying and the RSI has also fallen to a negative position as it reads 34.