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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 $21.58 and $22.35 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 share prices have moved between a 52-week high of $50.42 and a 52-week low of $14.52 and closed yesterday at 47% above that low price at $21.35 per share. The 200-day and 50-day moving averages have moved 0.92% lower and 3.84% lower over the past week, respectively.

Potential upside of 144.1% exists for Cheesecake Facto, based on a current level of $21.35 and analysts' average consensus price target of $52.11. The stock should find resistance at its 200-day moving average (MA) of $35.65, as well as support at its 50-day MA of $21.03.

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

Keywords: bearish am inside day candle cheesecake facto

Ticker(s): CAKE