McDonald's - at the key support of Oct 22', indicators aligning in a similar manner

McDonald’s stock price is at a key support level here on the weekly chart following an almost 20% sell-off from the beginning of the year. The fast food giant’s shares are trading at around $254.96 a share right now in pre-market, we can see that thus far the support has held out. However, a period of some consolidation may be required to uphold this level in the near term. The support area ranges between $247.36 and $243.47, providing a somewhat base for investors. A break below this base to the lows of October 2022, or respectively, $227-$230. As buyers seem to be taking charge this week, the next point of resistance is around $261.25. A move above this level could be an early indication of a shift in momentum once again, especially when we look over to the technical indicators. The positioning of the MACD and the RSI is aligning similarly to the one that occurred in October of last year, however, it is not there yet so caution should remain. Looking closer at the RSI, there may also be a possible bullish divergence forming as the indicator made a higher lower but the price of the stock has made a lower low.