Cake is currently in a downward consolidation channel after peaking at $26.6 on Aug 21st. You can see that it has respected the downward channel, and the probability is in the favor of a bullish breakout. If it breaks to the downside, I'd be looking to buy back in at the $15 to $15.50 level, which has acted as strong support before.
You can choose to long the...
Note: The Fib was drawn on the weekly chart, but the daily chart was used for clarity. On the daily chart, still within the flag and at a area of high liquidity. If it breaks to the upside, the next major resistance in the long-term will be the liquidity band at the top between $4.36 (previously rejected high) and $5.36. If we swing to the upside, taking profit...
Bull flag forming, will it swing to the upside? If so, let's watch for a break above ATH to take us to ~145 until retracement. If not, then a swing to the downside at resistance of $98 or the next fib level will be a good buy-in if you've missed the boat.
Making a Fib on the weekly upswing and drawing out a bullish flag, it looks like cope it at a decision point. I'm buying in around $3 with a stop loss at $2.85 (more or less depending on your risk tolerance.) It may bounce off both the support of the flag and also the Fib .618 level to the upside. Both match up nicely. If it bounces, I'll be selling at the...
