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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cheesecake Factory (NASDAQ:CAKE) based on the price action in the company's shares. Today's price range of $51.92 and $52.49 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 Factory may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Cheesecake Factory have traded between a low of $44.16 and a high of $58.86 and are now at $52.40, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

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 operates in the United States.

Cheesecake Factory (NASDAQ:CAKE) has potential upside of 6.2% based on a current price of $52.40 and analysts' consensus price target of $55.67. Cheesecake Factory shares have support at the 50-day moving average (MA) of $51.92 and additional support at the 200-day MA of $51.00.

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

Keywords: bearish inside day candle cheesecake factory

Ticker(s): CAKE