Even though exchange volume remains relatively light, Cheesecake Factory (CAKE) is trading above average volume and falling sharply. Notice that CAKE formed a lower high in early February and the next support zone resides in the 32.25-32.5 area.
Click this image for a live chart.
Click this image for a live chart.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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