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Possible Bearish Inside Day Candle Pattern Detected for Cheesecake Facto (NASDAQ:CAKE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cheesecake Facto (NASDAQ:CAKE) based on the price action in the company's shares. Yesterday's price range of $44.36 and $44.99 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cheesecake Facto may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Cheesecake Factory Incorporated operates casual dining restaurants under the name The Cheesecake Factory. The Company's restaurants offer appetizers, sandwiches, pasta, various meats, and varieties of cheesecake. The Cheesecake Factory serves customers in the United States.

Cheesecake Facto (NASDAQ:CAKE) has potential upside of 17.4% based on a current price of $44.39 and analysts' consensus price target of $52.11. Cheesecake Facto shares should first meet resistance at the 50-day moving average (MA) of $47.53 and find additional resistance at the 200-day MA of $48.19.

Over the past year, Cheesecake Facto has traded in a range of $41.63 to $60.19 and closed yesterday at $44.39, 7% above that low. The 200-day and 50-day moving averages have moved 0.18% lower and 0.17% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Cheesecake Facto. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cheesecake Facto in search of a potential trend change.

Keywords: bearish am inside day candle cheesecake facto

Ticker(s): CAKE