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

By David Diaz

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. Today's price range of $56.65 and $57.10 is within yesterday'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.

In the past 52 weeks, shares of Cheesecake Facto have traded between a low of $38.34 and a high of $59.04 and are now at $56.70, which is 48% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.1%.

Based on a current price of $56.70, Cheesecake Facto is currently 8.1% above its average consensus analyst price target of $52.11. The stock should discover initial support at its 50-day moving average (MA) of $52.43 and subsequent support at its 200-day MA of $47.54.

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 inside day candle cheesecake facto

Ticker(s): CAKE