Shake Shack (SHAK) started shaking this week. The stock made new 16 month highs today. This surge above a well defined base is very bullish. The SCTR is pushing back up above 70. The 10 week moving average has moved above the 40 week moving average. The price has broken above significant resistance, going back to August of 2016.
The MACD is going positive and is at the highest level since the first few months of trading. This is a great base. This base is very similar to Facebook (FB) in 2012 and Alibaba (BABA) in 2016. The ultimate move might not be the same, but the bases are very similar.
Greg Schnell, CMT, MFTA