CAKE Gearing Up for a Bull Run!? This Analysis Shows the Way!CAKE is crawling sideways in between a bull channel and above the Weekly Resistance. The price hasn't been able to break above the 30EMA nor has it broken below the Weekly Support.
How do we trade this?
The overarching trend is bullish, so we should set our bias to long. The price is establishing support at the previous Weekly Resistance, so it's reasonable to look for a long entry at that level. Given that the price is failing to break above the 30EMA, we should wait for the price to pull back to the Weekly support line and then look for a long entry. A protective stop should be below the Previous Weekly Resistance line and at least a partial take profit at the previous highs around $2.80.
Key Points
1. Bull Channel, Long Bias.
2. Multiple Tests of Previous Weekly Resistance, Showing Support.
3. Failing to break above 30EMA, Fall to Channel Support.
4. Bull signal at Channel Support, Long Setup.
5. RSI at 50.00 above Moving Average, Weak Indicator.
You are solely responsible for your trades, trade at your own risk!
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