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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cheesecake Factory (NASDAQ:CAKE) based on the price action in the company's shares. Today's price range of $50.20 and $50.65 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. Traders and investors interested in shares of Cheesecake Factory may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cheesecake Factory share prices have moved between a 52-week high of $58.86 and a 52-week low of $44.16 and are now trading 15% above that low price at $50.60 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

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 has overhead space with shares priced $50.60, or 9.1% below the average consensus analyst price target of $55.67. The stock should run into initial resistance at its 200-day moving average (MA) of $51.00 and subsequent resistance at its 50-day MA of $51.92.

SmarTrend is tracking the current trend status for Cheesecake Factory and will alert subscribers who have CAKE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle cheesecake factory

Ticker(s): CAKE