CAKE on a 30-minute chart with a set of VWAP band lines anchored back one month shows
the cycle of a trend up from a good earnings report into the uppermost band lines followed
by a retracement down to the slowly rising mean VWAP where after consolidation and
testing of that support, price has begun a new trend up. This is confirmed by EMA line
convergences as well as RSI strength bullish divergence prior to the price action reversal.
I will take a long trade here targeting 39 and 41 price levels reflecting the upper VWAP band
lines. These are roughly 5 and 10% as realistic targets with a stop loss below the mean VWAP
line at 36.8.
the cycle of a trend up from a good earnings report into the uppermost band lines followed
by a retracement down to the slowly rising mean VWAP where after consolidation and
testing of that support, price has begun a new trend up. This is confirmed by EMA line
convergences as well as RSI strength bullish divergence prior to the price action reversal.
I will take a long trade here targeting 39 and 41 price levels reflecting the upper VWAP band
lines. These are roughly 5 and 10% as realistic targets with a stop loss below the mean VWAP
line at 36.8.
Trade active
Price moved up a bit and so the stop loss was raised 2%. Staying patient this is a long swing trade.Trade active
Note
Now closer to the first target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.