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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 $47.56 and $47.98 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 8.6% based on a current price of $47.96 and analysts' consensus price target of $52.11. Cheesecake Facto shares should encounter resistance at the 200-day moving average (MA) of $48.46 and support at the 50-day MA of $47.74.

Cheesecake Facto share prices have moved between a 52-week high of $60.19 and a 52-week low of $41.63 and closed yesterday at 15% above that low price at $47.96 per share. The 200-day and 50-day moving averages have moved 0.2% lower and 0.17% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Cheesecake Facto on February 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.36. Since that recommendation, shares of Cheesecake Facto have risen 3.6%. We continue to monitor CAKE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cheesecake facto

Ticker(s): CAKE